Indemnity Declaration

Indemnity Declaration Template for Ireland

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Key Requirements PROMPT example:

"Need an Indemnity Declaration for our Irish subsidiary to protect the parent company against any historical tax liabilities or employment claims arising before January 2025, with specific focus on ongoing restructuring activities."

Document background

The Indemnity Declaration serves as a crucial risk management tool in Irish business and legal practice, providing a formal mechanism for risk transfer and protection against specified losses or liabilities. This document is commonly used in various commercial contexts, including corporate transactions, service agreements, and business relationships where one party seeks protection against potential future claims or losses. The declaration must comply with Irish legal requirements and typically includes detailed provisions on the scope of indemnification, claim procedures, and enforcement mechanisms. It's particularly relevant in situations involving complex business transactions, professional services, or corporate restructuring where clear allocation of risk is essential. The document's structure and content are designed to ensure enforceability under Irish law while providing clear guidance on the parties' rights and obligations.

Suggested Sections

1. Parties: Identification of the Indemnitor (party providing the indemnity) and the Indemnitee (party receiving the indemnity protection), including full legal names and addresses

2. Background: Context explaining the circumstances necessitating the indemnity and the relationship between the parties

3. Definitions: Clear definitions of key terms used in the declaration, including scope of 'Loss', 'Claims', and other relevant terms

4. Indemnification Scope: Detailed description of the specific risks, losses, or liabilities covered by the indemnity

5. Duration: Period for which the indemnity remains valid and effective

6. Notification Requirements: Procedures for notifying the Indemnitor of claims and the timeframe for such notifications

7. Governing Law: Explicit statement that the declaration is governed by Irish law

8. Execution: Signature blocks for all parties and any required witnesses

Optional Sections

1. Conditions Precedent: Any conditions that must be met before the indemnity becomes effective

2. Insurance Requirements: Details of any insurance policies required to support the indemnity

3. Limitation of Liability: Any caps or restrictions on the indemnity amount or scope

4. Claims Handling Process: Detailed procedures for managing and processing indemnity claims

5. Step-In Rights: Rights of the Indemnitor to take over defense of claims

6. Dispute Resolution: Specific procedures for resolving disputes related to the indemnity

Suggested Schedules

1. Schedule 1 - Specific Indemnified Risks: Detailed list of specific risks, activities, or circumstances covered by the indemnity

2. Schedule 2 - Excluded Claims: List of specific exclusions or limitations to the indemnity coverage

3. Schedule 3 - Claims Procedure: Step-by-step process for making and handling indemnity claims

4. Appendix A - Related Agreements: List of any related agreements or documents referenced in the indemnity declaration

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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