The Simple Indemnity Agreement is a fundamental risk management tool used in U.S. business transactions where one party seeks protection against potential losses or liabilities arising from specific circumstances. This document type is commonly employed in various commercial contexts, from routine business operations to specific transactions or projects. The agreement, while following U.S. federal and state-specific legal requirements, establishes clear indemnification obligations, including the scope of protection, procedural requirements for making claims, and any limitations on the indemnitor's obligations. It's particularly valuable when parties need to allocate risk in a straightforward manner, without the complexity of more elaborate indemnification arrangements. The Simple Indemnity Agreement helps businesses and individuals manage their risk exposure while providing a clear framework for resolving potential future claims or losses.
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1. Parties: Identifies and defines the Indemnitor (party providing indemnification) and Indemnitee (party being indemnified)
2. Background: Explains the context and purpose of the indemnification agreement
3. Definitions: Defines key terms used throughout the agreement, including 'Loss', 'Claims', and 'Indemnified Events'
4. Scope of Indemnification: Details the specific circumstances, events, or losses covered by the indemnification
5. Indemnification Procedure: Outlines the process for making claims, providing notice, and handling defense of claims
6. Duration: Specifies how long the indemnification obligations remain in effect
7. Limitations: States any caps, exclusions, or limitations on the indemnification obligations
8. Notice Requirements: Specifies how and when notices related to claims must be given
9. Governing Law: Specifies the jurisdiction and law governing the agreement
10. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties
1. Insurance Requirements: Required when the indemnitor must maintain specific insurance coverage to support the indemnification
2. Third Party Rights: Needed when the indemnification extends to or affects third parties
3. Survival: Used when certain obligations need to survive the termination of the agreement
4. Assignment: Include when transfer of indemnification rights or obligations needs to be addressed
5. Alternative Dispute ReĂÜĚŇÖ±˛Ą: Optional section for specifying mediation or arbitration procedures
6. Subrogation Rights: Include when dealing with insurance-related indemnification or multiple parties
7. Force Majeure: Added when certain extraordinary events should excuse or modify indemnification obligations
1. Schedule of Excluded Matters: Lists specific events, circumstances, or losses explicitly excluded from the indemnification scope
2. Schedule of Specific Indemnified Events: Details particular events or circumstances that are specifically covered by the indemnification
3. Insurance Requirements Schedule: If applicable, details the specific insurance coverage requirements including types, amounts, and carriers
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