The Indemnity Declaration is a crucial legal instrument under Belgian law used to formalize risk allocation and protection arrangements between parties. It is commonly employed in various business contexts, including corporate transactions, service agreements, and commercial partnerships. The document outlines specific circumstances triggering indemnification obligations, procedures for claiming indemnity, and the extent of coverage. This type of declaration is particularly relevant when one party needs to protect another against potential losses or liabilities arising from specific events or circumstances. The Indemnity Declaration must comply with Belgian Civil Code requirements regarding form and content, ensuring its enforceability within the Belgian legal framework. It serves as a standalone document that can complement other contractual arrangements while providing clear and specific indemnification commitments.
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1. Parties: Identification of the Indemnitor (party providing the indemnity) and Indemnitee (party receiving the indemnity protection), including full legal names, addresses, and registration details if companies
2. Background: Context of the indemnification, including the relationship between parties and the circumstances necessitating the indemnity
3. Definitions: Key terms used in the declaration, including 'Indemnified Events', 'Losses', and other relevant defined terms
4. Scope of Indemnification: Detailed description of the events, losses, and circumstances covered by the indemnity
5. Indemnification Obligations: Specific obligations of the Indemnitor, including timing and nature of payments or remedies
6. Notice Requirements: Procedures and timeframes for notifying the Indemnitor of claims or circumstances that might lead to indemnification
7. Duration: Period during which the indemnification obligations remain valid
8. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction for disputes
9. Execution: Signature blocks and execution requirements under Belgian law
1. Limitations and Exclusions: Specific carve-outs and limitations to the indemnity obligations, used when certain risks or amounts need to be excluded
2. Insurance Requirements: Obligations to maintain specific insurance coverage, included when additional financial security is required
3. Claims Procedure: Detailed process for handling claims, used in complex situations or when specific procedures need to be followed
4. Third Party Rights: Provisions regarding the rights of third parties under the declaration, included when relevant to the specific situation
5. Survival: Specific provisions about which obligations survive termination, used in complex or long-term arrangements
6. Force Majeure: Provisions for extraordinary events affecting indemnification obligations, included when relevant to the specific risks
1. Schedule 1 - Specific Indemnified Events: Detailed list of specific events or circumstances covered by the indemnity
2. Schedule 2 - Calculation of Losses: Methodology for calculating indemnifiable losses, if complex calculations are involved
3. Schedule 3 - Claims Notice Form: Standard form for notifying claims under the indemnity
4. Appendix A - Supporting Documents: Relevant background documents referenced in the declaration
5. Appendix B - Insurance Certificates: Copies of required insurance certificates, if insurance provisions are included
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