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Reciprocal Indemnity Agreement

Reciprocal Indemnity Agreement Template for India

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Key Requirements PROMPT example:

Reciprocal Indemnity Agreement

"I need a Reciprocal Indemnity Agreement for a joint construction project between my company and a subcontractor in Mumbai, with specific focus on workplace safety indemnities and protection against third-party claims, to be effective from March 2025."

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Document background
The Reciprocal Indemnity Agreement is essential in commercial relationships where parties need to allocate risks and responsibilities between them under Indian law. This document is particularly valuable in joint ventures, construction projects, service agreements, and other commercial arrangements where multiple parties face potential risks or liabilities in their business interactions. The agreement details each party's indemnification obligations, claim procedures, and limitations, ensuring compliance with Indian legal requirements including the Indian Contract Act, 1872, and related statutes. It provides clarity on risk allocation, helps prevent disputes, and establishes clear procedures for handling claims when they arise. The document is especially relevant in complex commercial transactions where parties need mutual protection against potential losses or liabilities.
Suggested Sections

1. Parties: Identifies and defines the parties entering into the agreement

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

3. Definitions and Interpretation: Defines key terms and establishes interpretation rules

4. Scope of Agreement: Defines the activities, projects, or relationship covered by the indemnities

5. Indemnification Obligations of Party A: Details the specific indemnification obligations of the first party

6. Indemnification Obligations of Party B: Details the specific indemnification obligations of the second party

7. Exclusions and Limitations: Specifies circumstances where indemnities do not apply and any caps or limitations

8. Claims Procedure: Sets out the process for making and responding to indemnification claims

9. Duration and Survival: Specifies the term of the agreement and which provisions survive termination

10. Notices: Details how formal notices under the agreement must be given

11. Governing Law and Jurisdiction: Specifies the applicable law and courts/tribunals with jurisdiction

12. Execution: Formal signing section with signature blocks for all parties

Optional Sections

1. Insurance Requirements: Required when parties need to maintain specific insurance coverage to support their indemnification obligations

2. Security: Used when collateral or security is required to support indemnification obligations

3. Parent Company Guarantee: Included when one or both parties' obligations are guaranteed by their parent companies

4. Dispute Resolution: Detailed ADR procedures when parties want specific resolution mechanisms beyond court jurisdiction

5. Confidentiality: Required when the agreement involves sharing of confidential information

6. Force Majeure: Included when parties want to specify events that excuse performance of indemnity obligations

7. Step-In Rights: Used in complex commercial arrangements where one party may need to take over the other's obligations

Suggested Schedules

1. Schedule 1 - Defined Terms: Comprehensive list of defined terms and their meanings

2. Schedule 2 - Specific Indemnified Events: Detailed list of events or circumstances triggering indemnification obligations

3. Schedule 3 - Claims Procedures: Detailed procedures for notification, handling, and resolution of claims

4. Schedule 4 - Insurance Requirements: Specific insurance types, coverage amounts, and terms required

5. Schedule 5 - Contact Details: Contact information for key personnel and notice recipients

6. Appendix A - Form of Claim Notice: Standard template for submitting indemnification claims

7. Appendix B - Parent Company Guarantee Form: Standard form of parent company guarantee 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












































Clauses






























Relevant Industries

Construction

Manufacturing

Information Technology

Oil and Gas

Energy

Infrastructure

Healthcare

Pharmaceuticals

Real Estate

Transportation

Mining

Telecommunications

Professional Services

Automotive

Aerospace

Relevant Teams

Legal

Risk Management

Compliance

Operations

Commercial

Finance

Procurement

Business Development

Corporate Affairs

Project Management

Relevant Roles

Legal Counsel

Contract Manager

Risk Manager

Chief Legal Officer

Commercial Director

Project Manager

Operations Manager

Chief Financial Officer

Compliance Officer

Business Development Manager

General Manager

Chief Executive Officer

Procurement Manager

Legal Director

Corporate Secretary

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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