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In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
Such clauses refers to the standardized clauses in contracts, and they are to be found towards the end of the agreement. [1] Including boilerplate clauses is the process by which parties to the contract may better define their relationship and the will to provide certainty if terms in the contract are ever disputed.
Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
MA Chirelstein, Concepts and Case Analysis in the Law of Contracts (6th edn 2010) EA Farnsworth, Contracts (2008) LL Fuller, MA Eisenberg and MP Gergen Basic Contract Law (9th edn 2013) CL Knapp, NM Crystal and HG Prince, Problems in Contract Law: Cases and Materials (7th edn Aspen 2012) Books. OW Holmes, The Common Law (1890) chs 7-9
The Army Corps of Engineers signed a contract with G.L. Christian and Associates to build 2,000 housing units for soldiers at Fort Polk, Louisiana, under the "Capehart Act". Fort Polk was deactivated by the Department of the Army in 1958, and the $32.9 million construction contract was terminated by the Corps of Engineers on February 5, 1958 ...
In 2002, the company acquired Dickson Manchester Ltd. and MAG Global Financial Products. [21] [22] In 2004, the company acquired American Contractors Indemnity Company and RA&MCO Insurance companies. [23] [24] In 2005, the company acquired US Surety company, DeMontfort Group, Ltd., Perico Ltd., MIC Life Insurance, and the Ilium Insurance Group.
Erie Insurance Exchange began in 1925 when two salesmen for the Pennsylvania Indemnity Exchange, H.O. Hirt and O.G. Crawford, left to create their own insurance company.. In three months and 20 days, the two convinced 90 stockholders to invest using a hand-written business plan, raising $31,000 to begin their own auto insurance compa
The contracting jurisdiction must include piggyback language in the contract, and the vendor must agree. Piggyback contracts represent the most immediate cooperative purchasing resource, especially for smaller communities. However, they can be a benefit for larger communities by saving administrative costs and by creating pressure for lower prices.