How do you write an indemnification clause?

“[Company/Business/Individual Name] shall fully indemnify, hold harmless and defend _______ and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not …

Are limitation of liability clauses enforceable?

Commercial contract limitation of liability clauses are enforceable almost as a matter of law as the parties are presumed to be sophisticated and represented by counsel. If a limitation of liability clause is contained in a consumer contract, make sure: The clause is easy to find (conspicuous);

What is a general liability clause?

This insurance must provide coverage for all claims that may arise from performance of the Contract or completed operations, whether by the Contractor or anyone directly or indirectly employed by the Contractor.

What are the common exclusions among all types of aviation insurance policies?

Common exclusions include:

  • Expected or intended injury.
  • Bodily injury to employees.
  • Liability imposed under a workers’ compensation law.
  • Contractual liability, which is when you assume liability by signing a contract.
  • Injury or damage caused by the application of fertilizers or other substances (crop dusting)

What is a reasonable indemnification clause?

“Each party agrees to indemnify, defend, and hold harmless the other party from and against any loss, cost, or damage of any kind (including reasonable outside attorneys’ fees) to the extent arising out of its breach of this Agreement, and/or its negligence or willful misconduct.”

What is liability clause in memorandum of association?

Liability Clause mentions the liability of every member of the Company. It simply states that every member of the company has limited liability. The clause also specifies the amount of contribution of agreed upon for each individual participant in case the company is closing or winding up.

What is the difference between limitation of liability and indemnification?

Indemnity is a promise by one party to save the other party from loss or damage. On the other hand, limitation of liability provision limits a party’s liability for loss or damages that arise from the software licensing contract.

What are indemnification clauses?

An indemnification provision allocates the risk and expense in the event of a breach, default, or misconduct by one of the parties. By Jennifer Paley. An indemnification provision, also known as a hold harmless provision, is a clause used in contracts to shift potential costs from one party to the other.

What is an incontestable clause?

An incontestability clause is a provision in a life or disability insurance policy that prevents the insurance company from canceling the policy based on misstatements in the policy application after the insurance has been in effect for a certain period of time, usually two years.

What is a aviation exclusion?

A clause present in many life insurance policies, an aviation exclusion states that the death benefit becomes void if the insured dies as a result of an aviation-related accident while not on a regularly scheduled flight.

What is not covered by aviation physical damage insurance?

There are three specifically excluded risk: depreciation, conversion (mechanics lien or other title encumbrance), and mechanical breakdown, including wear and tear. In the event of mechanical breakdown the component that fails would not be covered; however, any subsequent damage would be covered.