The General Indemnity Form is essential in business relationships where risk allocation needs to be clearly defined and documented. This agreement, governed by U.S. law, specifies circumstances under which one party agrees to protect another from financial losses, legal expenses, or other liabilities. The document typically includes detailed provisions about the scope of indemnification, claim procedures, notice requirements, and exclusions. It's particularly crucial in situations involving potential liability exposure, such as construction projects, service agreements, or corporate transactions.
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1. Parties: Identification of indemnitor and indemnitee with full legal names and addresses
2. Background: Context and purpose of the indemnification agreement
3. Definitions: Key terms used throughout the agreement including 'Indemnified Party', 'Losses', and 'Claims'
4. Scope of Indemnification: Specific circumstances and losses covered by the indemnity, including trigger events and covered damages
5. Duration: Time period for which the indemnity remains valid and survival provisions
6. Notice Requirements: Procedures and timeframes for notifying parties of claims
7. Governing Law: Jurisdiction and applicable law governing the agreement
1. Insurance Requirements: Details of required insurance coverage, limits, and maintenance obligations
2. Defense Obligations: Provisions regarding the duty to defend and control of defense in legal proceedings
3. Limitation of Liability: Specific caps, exclusions, and restrictions on indemnification obligations
1. Schedule A - Specific Indemnified Events: Detailed enumeration of circumstances and events triggering indemnification obligations
2. Schedule B - Insurance Requirements: Comprehensive list of required insurance coverage types, limits, and terms
3. Schedule C - Claims Procedures: Step-by-step procedures for claim notification, processing, and resolution
Relevant legal definitions
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