The Standard Indemnification Agreement is commonly used in business transactions where parties need to allocate risk and establish clear protection against potential losses. This document, governed by English and Welsh law, outlines the specific circumstances under which indemnification applies, the process for making claims, and any limitations or exclusions. It's particularly valuable in commercial relationships where one party may be exposed to risks arising from the other party's actions or circumstances. The agreement typically includes detailed definitions, scope of coverage, duration, and claims procedures.
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1. Parties: Identification and details of the indemnifier and indemnitee
2. Background: Context and purpose of the indemnification
3. Definitions: Key terms used throughout the agreement
4. Scope of Indemnity: Specific risks, losses, and circumstances covered
5. Duration: Term of the indemnification coverage
6. Claims Procedure: Process for making and handling indemnification claims
7. Governing Law: Jurisdiction and applicable law
1. Insurance Requirements: Specific insurance obligations required alongside indemnity
2. Limitations of Liability: Caps or restrictions on indemnification obligations
3. Survival Clause: Terms that continue after agreement termination
1. Schedule of Covered Events: Detailed list of circumstances triggering indemnification
2. Schedule of Excluded Events: Specific exclusions from indemnification coverage
3. Claims Procedure Details: Step-by-step process for claim submission and handling
4. Insurance Certificates: Copies of relevant insurance documentation
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