Standard Indemnification Agreement

Standard Indemnification Agreement Template for Singapore

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Key Requirements PROMPT example:

"I need a Standard Indemnification Agreement under Singapore law to protect my software company against potential claims arising from third-party integrations, with specific focus on data breach incidents and intellectual property infringement."

What is a Standard Indemnification Agreement?

The Standard Indemnification Agreement is commonly used in Singapore business transactions to allocate risk between parties. This document is essential when parties need to clearly define their risk allocation and protection obligations, particularly in commercial relationships involving potential liability exposure. Under Singapore law, these agreements must comply with the Civil Law Act and related legislation, making them enforceable while protecting both parties' interests. The agreement typically includes detailed provisions on scope, procedure, and limitations of the indemnification obligations.

What sections should be included in a Standard Indemnification Agreement?

1. Parties: Identification and details of the indemnifying and indemnified parties

2. Background: Context and purpose of the indemnification agreement

3. Definitions: Key terms used throughout the agreement including scope of indemnified losses

4. Scope of Indemnification: Detailed description of specific risks, losses, and circumstances covered by the indemnity

5. Duration: Term of the indemnification obligations and survival provisions

6. Notice Requirements: Procedures and timelines for making indemnification claims

7. Claims Process: Steps for handling claims, including defense obligations and settlement procedures

8. Payment Terms: Timeline and method for indemnification payments

9. Governing Law: Specification of Singapore law as governing law and jurisdiction

What sections are optional to include in a Standard Indemnification Agreement?

1. Insurance Requirements: Insurance obligations of parties, including types of coverage and minimum amounts

2. Limitation of Liability: Caps, exclusions, and limitations on indemnification obligations

3. Security Provisions: Requirements for security or collateral to support indemnification obligations

4. Third Party Claims: Specific procedures for handling claims involving third parties

5. Subrogation Rights: Rights of the indemnifying party to pursue claims against third parties

What schedules should be included in a Standard Indemnification Agreement?

1. Schedule 1 - Specific Indemnified Events: Detailed list of circumstances triggering indemnification obligations

2. Schedule 2 - Excluded Events: Events and circumstances specifically excluded from indemnification coverage

3. Schedule 3 - Claims Procedure: Detailed process and documentation requirements for making and handling claims

4. Schedule 4 - Insurance Specifications: Detailed requirements for insurance coverage, including types, amounts, and insurers

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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Relevant Teams

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Relevant Roles

Chief Legal Officer
Risk Manager
Compliance Officer
Contract Manager
Chief Financial Officer

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Generic Indemnity Form

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Let's create your Standard Indemnification Agreement

What is a Standard Indemnification Agreement?

What sections should be included in a Standard Indemnification Agreement?

What sections are optional to include in a Standard Indemnification Agreement?

What schedules should be included in a Standard Indemnification Agreement?

Authors

Alex Denne

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