Indemnification of Purchaser Sample Clauses Form
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People also ask
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What is an example of a standard indemnity clause?
The supplier agrees to indemnify and hold harmless the customer against all claims arising in respect of any injury, death, sickness or ill-health caused to or suffered by the customer and its personnel as a result of performance or non-performance of this Agreement.
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What is a good indemnity clause?
Indemnity clauses can include 'hold harmless' wording under which one party agrees that the other will not be liable for any losses that the first party suffers arising from the specified events. It is always advisable that you seek independent legal advice on all contracts from a contract solicitor.
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What is the indemnity clause for a buyer?
If a buyer alleges that the seller failed to deliver goods per the agreed-upon terms, the indemnification clause may require the buyer to compensate the seller for any losses incurred due to the buyer's claims.
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Why would a buyer indemnify a seller?
Indemnification is used to enforce representations, warranties and covenants made in the Agreement. Here, the parties list out which bsignNowes by the Seller are subject to the Buyer's right to indemnification.
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What is the indemnification by buyer clause?
This clause gives effect to the risk allocation agreed upon by the parties by providing the Seller with a relatively quick and simple method of recouping damages caused by a Buyer's bsignNow or misrepresentation.
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What is an example of an indemnification clause?
Sponsor shall indemnify and hold Institution, System, their Regents, officers, agents, and employees harmless against any and all claims, demands, damages, liabilities and costs which directly or indirectly result from, or arise in connection with, any negligent act or omission of Sponsor, its agents, or employees, ...
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What are the risks of an indemnity clause?
An indemnity clause is a contractual clause providing that one party is responsible for any losses or damages arising from a certain event or set of circumstances. In effect, the indemnity clause shifts the risk of that event occurring from the indemnified party to the indemnifying party.
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What is the purpose of indemnity clause?
Indemnity clauses are written into contracts to allow an indemnifier to take on any losses incurred by a party in the contract. They can also be used to absolve the indemnifier or the other party of liability if a bsignNow of contract occurs, or damages/loss of goods are incurred.
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