Right of indemnity Sample Clauses
The Right of Indemnity clause establishes a party’s entitlement to be compensated for losses, damages, or liabilities incurred as a result of specific actions or omissions, typically those of another party. In practice, this means that if one party suffers a loss due to the other’s breach of contract, negligence, or misconduct, the responsible party must reimburse or cover those losses. This clause is commonly used to allocate financial risk and ensure that the party who is not at fault is protected from bearing costs arising from the other’s actions, thereby promoting fairness and accountability in contractual relationships.
Right of indemnity you have the right of indemnity against the assets of the trust under the Trust Deed and there has not, and will not be, any breach of trust or any other action that will prevent you from enforcing your rights under that indemnity;
Right of indemnity. (i) you have the right to be indemnified out of the Trust assets in relation to any liability arising under or in connection with the proper performance of your rights and obligations under this Agreement; and
(ii) the Trust assets are sufficient to satisfy that right in full; and
(iii) you have not released or disposed of your equitable lien over the Trust assets;
Right of indemnity. The Manager shall be indemnified out of the relevant Trust in respect of any liability, cost or expense properly incurred by it in its capacity as Manager of the relevant Trust.
Right of indemnity. The Service Provider agrees to exercise the Service Provider’s right of indemnity from the trust fund and the beneficiaries of the trust in respect of the Service Provider’s obligations under this Agreement. The Service Provider agrees to observe the Service Provider’s obligations as trustee of the trust and to ensure that: the Service Provider is not removed or replaced as trustee; the trust is not terminated or the trust deed varied; the Service Provider’s right of indemnity from the trust fund is not impaired or restricted in any way; the Service Provider’s ability to observe the Service Provider’s obligations under this agreement is not impaired or restricted in any way; and the trust fund is not mixed with other property. The Service Provider agrees to, on request by MLA, provide MLA with copies of the trust deed and any other documents constituting or relating to the trust.
Right of indemnity. The Company shall protect, defend, indemnify and hold Silleroy harmless to the fullest extent permitted by Delaware law from and against any liability, loss, expense, damage or injury suffered or sustained by reason of any acts, omissions, or alleged acts or omissions arising out of his activities on behalf of the Company or in furtherance of the interests of the Company, including, but not limited to, any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or claim.
Right of indemnity. The Consultant agrees to exercise the Consultant’s right of indemnity from the trust fund and the beneficiaries of the trust in respect of the Consultant’s obligations under this Agreement.
Right of indemnity. Upon and subject to the terms and conditions hereof, the Corporation will indemnify and save harmless the Indemnified Party and the Indemnified Party’s heirs and personal and other legal representatives from and against all Liabilities, to the fullest extent permitted by applicable law.
Right of indemnity. Section 145 of the Contract Act lays down that in every contract of guarantee there is an implied promise by the principal debtor to indemnify (to pay back) the surety, and the surety is entitled to recover from the principal debtor whatever amount he has rightfully paid under the guarantee, but no amount which he has paid wrongfully.
(i) the claim of the surety is restricted to that smaller amount which he may have paid under the principle of “accord and satisfaction”. Surety is not entitled for higher amount than what he has paid.
(ii) surety can also claim indemnity for any special damages which he has suffered while discharging his duties (iii) surety can claim even if he has paid a time barred debt as it is a rightful payment though there are contrary views on this issue. In all the above instances surety can claim reimbursements only if actual payments have been made and not where he has merely executed promissory notes. [▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ vs. ▇▇▇▇▇▇▇▇▇ (1902) 26 Mad. 322, 328]
Right of indemnity. [Section 145] In a contract of guarantee, there is an implied promise by the principal debtor that any loss caused to surety will be indemnified by the principal debtor. Therefore surety is entitled to recover entire sum which he has rightfully paid under the contract of guarantee.
Right of indemnity. Principal of indemnity operates between principal debtor and surety where principal debtor becomes implied indemnifier and surety becomes implied indemnity holder. Therefore, surety can make principal debtor answerable for all sufferings.