The Indemnity Agreement is a crucial risk management tool in Hong Kong's business environment, commonly used when parties need to allocate risk and establish clear compensation obligations. This document is particularly relevant in scenarios involving corporate transactions, service agreements, construction projects, or director and officer protection. The agreement must comply with Hong Kong law, including specific ordinances governing contractual relationships and liability limitations. It typically includes detailed provisions on the scope of indemnification, claim procedures, and enforcement mechanisms. The document is essential when one party needs protection against potential losses arising from specific business activities, legal claims, or regulatory obligations, with the other party agreeing to provide financial compensation for such losses.
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1. Parties: Identifies and defines the indemnitor (party providing indemnity) and indemnitee (party receiving indemnity protection)
2. Background: Explains the context and purpose of the indemnity arrangement
3. Definitions: Defines key terms used throughout the agreement, including scope of indemnified matters
4. Scope of Indemnity: Details the specific risks, losses, and circumstances covered by the indemnity
5. Indemnification Obligations: Specifies the precise obligations of the indemnitor, including payment terms and timing
6. Notice Requirements: Sets out how and when the indemnitee must notify the indemnitor of claims
7. Claims Procedure: Describes the process for making and handling indemnification claims
8. Limitations and Exclusions: Specifies any caps, time limits, or exclusions to the indemnity obligations
9. Duration: Specifies how long the indemnity obligations remain in effect
10. Governing Law and Jurisdiction: Confirms Hong Kong law governs and specifies jurisdiction for disputes
11. General Provisions: Standard boilerplate clauses including assignments, amendments, and notices
1. Security: Include when the indemnitor must provide security for their obligations (e.g., bank guarantee, deposit)
2. Insurance: Include when specific insurance requirements are tied to the indemnity obligations
3. Third Party Rights: Include when the indemnity is intended to benefit third parties under the Contracts (Rights of Third Parties) Ordinance
4. Tax Provisions: Include when tax implications of indemnity payments need to be addressed
5. Defense and Settlement: Include when the indemnitor has rights or obligations regarding defending or settling third-party claims
6. Subrogation Rights: Include when addressing the indemnitor's rights to pursue claims against third parties
1. Schedule 1 - Specific Indemnified Matters: Detailed list of specific risks, losses, or circumstances covered by the indemnity
2. Schedule 2 - Claims Procedures: Detailed procedures for claim notification, processing, and payment
3. Schedule 3 - Security Arrangements: Details of any security provided, including form, amount, and maintenance requirements
4. Appendix A - Form of Claim Notice: Template form for submitting indemnification claims
5. Appendix B - Required Documentation: List of documents required to support indemnification claims
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