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Indemnity Agreement

Indemnity Agreement Template for India

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Key Requirements PROMPT example:

Indemnity Agreement

"I need an Indemnity Agreement for my IT services company to protect against potential intellectual property claims and data breach incidents when providing software development services to clients in India, with the agreement taking effect from March 1, 2025."

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Document background
The Indemnity Agreement serves as a risk management tool widely used in commercial transactions across India. It is essential when parties need to allocate risk and establish clear obligations for compensation in case of specified losses or liabilities. This document type is particularly relevant in scenarios involving business acquisitions, service contracts, construction projects, or corporate restructuring. The agreement must comply with Indian contract law, particularly the Indian Contract Act, 1872, and should be drafted to ensure enforceability in Indian courts. The document typically includes detailed provisions about the scope of indemnity, claim procedures, limitations, and dispute resolution mechanisms. Companies and individuals use this agreement to protect themselves against potential future claims or losses, making it a crucial component of risk management strategy.
Suggested Sections

1. Parties: Identifies and defines the Indemnitor (party providing indemnity) and Indemnitee (party being indemnified)

2. Background: Sets out the context and purpose of the indemnity agreement

3. Definitions: Defines key terms used throughout the agreement including 'Indemnified Events', 'Losses', and 'Claims'

4. Scope of Indemnity: Clearly defines what events, actions, or circumstances are covered by the indemnity

5. Indemnification Process: Details the procedure for making claims, including notice requirements and timing

6. Payment Terms: Specifies how and when indemnity payments will be made

7. Limitations and Exclusions: Sets out any caps on liability and circumstances not covered by the indemnity

8. Duration: Specifies the term of the agreement and survival provisions

9. Governing Law and Jurisdiction: Specifies Indian law as governing law and defines jurisdiction for disputes

10. Dispute Resolution: Outlines the process for resolving disputes between parties

11. Notices: Specifies how formal notices under the agreement should be given

12. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Third Party Claims: Detailed procedures for handling claims involving third parties - include when third party claims are likely

2. Insurance Requirements: Specifies insurance obligations - include when specific insurance coverage is required

3. Security: Provisions for security or collateral - include when financial security is required

4. Corporate Authority: Specific provisions regarding corporate authorization - include when parties are corporations

5. Confidentiality: Provisions protecting confidential information - include when sensitive information will be shared

6. Force Majeure: Provisions for unforeseen circumstances - include when long-term or high-risk indemnities are involved

7. Assignment: Rules about transferring rights/obligations - include when assignment rights are important

8. Multiple Indemnitors: Provisions for joint and several liability - include when multiple parties provide indemnity

Suggested Schedules

1. Schedule 1 - Specific Indemnified Events: Detailed list of events or circumstances covered by the indemnity

2. Schedule 2 - Claim Procedures: Detailed procedures and forms for making indemnity claims

3. Schedule 3 - Financial Limits: Detailed breakdown of any caps, sublimits, or deductibles

4. Schedule 4 - Contact Details: Contact information for key personnel and notice recipients

5. Appendix A - Required Documentation: Forms and documents required for making claims

6. Appendix B - Insurance Requirements: Detailed insurance specifications if applicable

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions














































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Relevant Industries

Financial Services

Construction

Information Technology

Manufacturing

Professional Services

Real Estate

Healthcare

Energy

Infrastructure

Transportation

Insurance

Telecommunications

Relevant Teams

Legal

Risk Management

Compliance

Finance

Operations

Commercial

Corporate Secretariat

Insurance

Procurement

Business Development

Project Management

Relevant Roles

Legal Counsel

Risk Manager

Compliance Officer

Chief Financial Officer

Contract Manager

Business Development Manager

Project Manager

Corporate Secretary

General Counsel

Chief Executive Officer

Operations Director

Finance Director

Commercial Director

Insurance Manager

Procurement Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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