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Affidavit and Indemnity Agreement
I need an affidavit and indemnity agreement for a situation where I am required to affirm the truthfulness of a statement and agree to indemnify a third party against any potential losses or claims arising from the reliance on my statement. The document should be compliant with New Zealand legal standards and include clear terms of indemnification and liability limits.
What is an Affidavit and Indemnity Agreement?
An Affidavit and Indemnity Agreement combines two key legal tools used in New Zealand business dealings. The affidavit part is your sworn statement of facts, while the indemnity portion promises to protect another party from potential losses or legal issues arising from those facts.
Banks, property firms, and insurance companies often require these agreements when handling lost documents or settling disputes. For example, if you've lost a share certificate or property title, you'll need to sign one of these agreements - swearing the document is truly lost and promising to cover any costs if it turns up later and causes problems. This arrangement helps keep business moving while managing risks for all parties.
When should you use an Affidavit and Indemnity Agreement?
You need an Affidavit and Indemnity Agreement when dealing with lost or destroyed important documents in New Zealand. Common situations include misplaced share certificates, property titles, or valuable business contracts. Banks and financial institutions typically require these agreements before issuing replacements or processing transactions without original documentation.
These agreements are essential when transferring property ownership, settling estates, or handling insurance claims where key papers are missing. For example, if you're selling a house but can't find the original title deed, your lawyer will arrange this agreement to protect the buyer and complete the sale. It's also commonly used when dealing with deceased estates where important documents are unavailable.
What are the different types of Affidavit and Indemnity Agreement?
- Lost Document Indemnity: Used when original papers like share certificates or property titles are missing. Includes detailed descriptions of the lost items and circumstances.
- Estate Settlement Version: Specifically designed for executors handling deceased estates with missing documentation. Contains additional provisions about beneficiary rights.
- Banking Transaction Type: Required by financial institutions for processing high-value transactions without original documentation. Features enhanced security declarations.
- Insurance Claim Format: Used when policy documents are lost or damaged. Includes specific clauses about policy validity and claim authenticity.
- Corporate Securities Version: Tailored for businesses dealing with lost share certificates or company ownership documents. Contains specific company law compliance statements.
Who should typically use an Affidavit and Indemnity Agreement?
- Property Owners: Need these agreements when dealing with lost title deeds or property documents during sales or transfers.
- Banks and Financial Institutions: Require and process these agreements before issuing document replacements or completing transactions without originals.
- Legal Practitioners: Draft and review Affidavit and Indemnity Agreements, ensuring compliance with NZ law.
- Corporate Secretaries: Handle these agreements for lost share certificates or company documentation.
- Insurance Companies: Use these agreements when processing claims with missing policy documents.
- Estate Executors: Rely on these agreements when managing deceased estates with incomplete documentation.
How do you write an Affidavit and Indemnity Agreement?
- Document Details: Gather precise information about the lost or missing document, including issue date, reference numbers, and last known location.
- Party Information: Collect full legal names, addresses, and roles of all involved parties.
- Loss Circumstances: Document a clear timeline and explanation of how the original document was lost or destroyed.
- Proof of Ownership: Compile supporting evidence showing your right to the lost document.
- Insurance Coverage: Check existing insurance policies that might affect indemnity terms.
- Witness Details: Arrange for a qualified witness (like a JP or solicitor) to verify your affidavit.
- Document Review: Our platform generates legally sound agreements tailored to NZ requirements, ensuring all essential elements are included.
What should be included in an Affidavit and Indemnity Agreement?
- Declaration Statement: A clear oath or affirmation that the information provided is true and accurate under NZ law.
- Document Description: Detailed identification of the lost document, including reference numbers and issue dates.
- Loss Details: Specific circumstances and timeline of how the document was lost or destroyed.
- Indemnification Clause: Clear terms protecting the receiving party from future claims or losses.
- Witness Section: Space for authorized witness signature and credentials (JP or solicitor).
- Party Details: Full legal names, addresses, and roles of all involved parties.
- Governing Law: Explicit statement that NZ law governs the agreement.
- Supporting Documents: List of attached evidence proving ownership or authority.
What's the difference between an Affidavit and Indemnity Agreement and an Affidavit?
An Affidavit and Indemnity Agreement differs significantly from a simple Affidavit in both scope and legal protection. While both documents involve sworn statements, the addition of indemnity provisions creates a more comprehensive legal tool.
- Legal Purpose: A standard Affidavit only provides sworn testimony about facts, while an Affidavit and Indemnity Agreement adds protection against future claims or losses.
- Document Structure: An Affidavit has a single-component structure focusing on facts, whereas the combined agreement includes both sworn statements and protective clauses.
- Risk Management: The indemnity portion specifically shields the receiving party from potential financial losses or legal issues that might arise later.
- Usage Context: Simple Affidavits work for basic fact declarations, but when dealing with lost documents or property transfers, the added indemnity protection becomes essential.
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