The General Indemnity Agreement is a crucial risk management instrument used in various commercial contexts under Hong Kong law. It is typically employed when parties need to clearly define and allocate potential risks and liabilities in their business relationship. This document becomes necessary in situations involving significant business transactions, project undertakings, or ongoing commercial relationships where one party agrees to protect another against specific losses or liabilities. The agreement comprehensively addresses the scope of indemnification, claim procedures, payment obligations, and enforcement mechanisms, all within the framework of Hong Kong's legal system. It may be required by insurers, financial institutions, or as part of larger commercial arrangements, and often accompanies other transaction documents to provide additional security and risk protection.
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1. Parties: Identifies and defines all parties to the agreement, including the indemnitor (party providing indemnity) and indemnitee (party receiving indemnity protection)
2. Background: Sets out the context and commercial purpose of the indemnity arrangement
3. Definitions: Defines key terms used throughout the agreement, including scope of 'Loss', 'Claims', and 'Indemnified Events'
4. Scope of Indemnity: Details the specific risks, losses, and circumstances covered by the indemnity
5. Indemnification Process: Outlines the procedure for making claims under the indemnity, including notice requirements and timing
6. Payment Terms: Specifies when and how indemnity payments must be made, including any requirements for proof of loss
7. Limitations and Exclusions: Sets out any caps, limitations, or exclusions to the indemnity obligations
8. Representations and Warranties: Contains basic representations about capacity to enter agreement and authority to perform obligations
9. Duration: Specifies how long the indemnity obligations remain in effect
10. Governing Law and Jurisdiction: Confirms Hong Kong law governs and specifies courts having jurisdiction
11. General Provisions: Standard boilerplate clauses including notices, amendments, assignment, and severability
1. Security: Include when additional security (such as guarantees or charges) is required to support the indemnity obligations
2. Insurance: Include when specific insurance requirements are imposed on either party
3. Step-In Rights: Include when the indemnitee needs rights to take control of defending or settling claims
4. Cross-Indemnification: Include when parties are providing reciprocal indemnities to each other
5. Subrogation Rights: Include when dealing with insurance-related indemnities or when specific subrogation rights need to be addressed
6. Third Party Rights: Include when certain provisions are intended to benefit or be enforceable by third parties
7. Alternative Dispute Resolution: Include when parties wish to require mediation or arbitration before or instead of court proceedings
1. Schedule 1 - Specified Losses: Detailed list of specific types of losses covered by the indemnity
2. Schedule 2 - Claims Procedure: Detailed procedure for making and processing indemnity claims
3. Schedule 3 - Security Documents: Forms of any required security documents or guarantees
4. Schedule 4 - Notice Requirements: Specific requirements for form and delivery of notices
5. Appendix A - Claim Form: Standard form for submitting indemnity claims
6. Appendix B - Supporting Documents: List of required supporting documents for different types of claims
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