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Indemnity & Undertaking Agreement

Indemnity & Undertaking Agreement Template for India

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Key Requirements PROMPT example:

Indemnity & Undertaking Agreement

"I need an Indemnity & Undertaking Agreement for a newly formed joint venture between my IT services company and a software development firm, where my company will indemnify the partner against any pre-existing client claims and undertake to maintain specific service levels until March 2025."

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Document background
The Indemnity & Undertaking Agreement is a crucial legal instrument used in Indian business transactions where one party seeks protection against potential losses while securing specific commitments from another party. This document is particularly relevant in scenarios involving corporate restructuring, major commercial transactions, project development, or risk transfer arrangements. The agreement combines elements of both indemnification and formal undertakings, providing a robust framework for risk management and contractual commitments. It is designed to comply with Indian contract law principles and is commonly used in situations where parties need to allocate risks clearly and secure specific performance commitments. The document typically includes detailed mechanisms for triggering indemnity obligations, making claims, and ensuring compliance with undertakings.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including their legal status and addresses

2. Background: Provides context and explains the circumstances leading to the agreement

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Scope of Indemnity: Details the specific losses, damages, and circumstances covered by the indemnification

5. Undertakings: Lists specific promises and commitments made by the indemnifying party

6. Trigger Events: Specifies the events or circumstances that activate the indemnity obligations

7. Claims Procedure: Outlines the process for making and responding to indemnity claims

8. Duration and Survival: Specifies how long the indemnity obligations remain in effect

9. Limitations and Exceptions: States any caps, exclusions, or limitations to the indemnity obligations

10. Representations and Warranties: Contains statements of fact and assurances from both parties

11. Governing Law and Jurisdiction: Specifies the applicable law and courts for dispute resolution

12. Notices: Details how formal communications between parties should be made

13. General Provisions: Includes standard boilerplate clauses like severability, entire agreement, etc.

Optional Sections

1. Corporate Guarantee: Required when a parent company or third party provides additional guarantee for the indemnity obligations

2. Regulatory Compliance: Added when specific industry regulations affect the indemnity arrangement

3. Insurance Requirements: Included when specific insurance coverage is mandatory to support the indemnity

4. Step-In Rights: Added when one party needs the right to take over certain operations or contracts in specific circumstances

5. Security Provisions: Required when collateral or security is provided to back the indemnity obligations

6. Dispute Resolution: Detailed ADR procedures if parties want specific arbitration or mediation processes

7. Confidentiality: Added when sensitive information will be shared in connection with the indemnity arrangement

Suggested Schedules

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

2. Schedule 2 - Calculation of Losses: Methodology for calculating indemnifiable losses and damages

3. Schedule 3 - Claims Process Flow: Detailed flowchart or steps for the claims procedure

4. Schedule 4 - Supporting Documents: List of documents evidencing the underlying transaction or relationship

5. Schedule 5 - Contact Details: Detailed contact information for key personnel handling claims and notices

6. Appendix A - Form of Claim Notice: Template for making formal indemnity claims

7. Appendix B - Form of Response: Template for responding to indemnity claims

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

















































Clauses









































Relevant Industries

Financial Services

Construction

Manufacturing

Information Technology

Real Estate

Infrastructure

Healthcare

Energy

Telecommunications

Professional Services

Insurance

Transportation and Logistics

Relevant Teams

Legal

Risk Management

Compliance

Finance

Corporate Secretarial

Operations

Business Development

Corporate Strategy

Internal Audit

Treasury

Relevant Roles

Legal Counsel

Risk Manager

Compliance Officer

Chief Financial Officer

Contract Manager

Project Manager

Company Secretary

Chief Legal Officer

Business Development Manager

Operations Director

Chief Risk Officer

Corporate Finance Manager

General Counsel

Transaction Advisory 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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