The indemnitor

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August undefined, 2024

WebAug 1, 2006 · The indemnitor may be the bonded principal itself (i.e. the contractor), an owner or one with a financial interest in the principal, or even the spouse of an owner. …

What Does “Defend, Indemnify and Hold Harmless” Mean?

WebJul 5, 2024 · An indemnitor assumes a serious financial risk so it is vital that you know the defendant well and have full trust and confidence that they will fulfill their legal obligations. The indemnitor’s risk may include any collateral taken to secure the bond, such as a property deed, car title, or other item of value. WebAn indemnitor is a person or organization (usually an insurance company) that provides indemnity —protection or security against damage or loss, or compensation for damages … town of webster nh tax

Indemnitor Definition & Meaning Dictionary.com

WebJul 29, 2024 · Signing As an Indemnitor: What Are Your Responsibilities? When you go to a licensed bail bond agent for help bailing someone out of jail, you’ll need to sign something … WebMar 26, 2015 · As discussed, an indemnity provision transfers risk from one party (called the “indemnitee”) to another party (called the “indemnitor”). Under an indemnity provision, the indemnitor agrees to reimburse the indemnitee for losses resulting from a claim or claims brought by a third-party. WebApr 11, 2024 · However, the bondsman is permitted to enter into a payment agreement by attaching a statement of bondsman to the bond proceeding form and this agreement shall require the principal on the bail bond or any indemnitor to make a minimum down payment of one hundred dollars or five percent, whichever is greater, of the face amount of the … town of webster gis

Indemnifying Your Surety: What is an Indemnity Agreement?

WebApr 20, 2024 · An indemnitor is a party who agrees to indemnify certain losses for another party. In doing so, they are legally required to compensate them when these losses are … WebIn contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party.The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a … town of webster nh tax kioskWebJul 24, 2024 · Indemnification The concept of indemnification imposes an obligation on one party, the indemnitor, to pay or reimburse another party, the indemnitee, for losses covered in the indemnification... town of webster ma town hall

"WebJul 7, 2014 · Indemnification is a promise that one party will make good on any loss, damage, or liability incurred by another. There are two parties in an indemnity relationship … " - The indemnitor

The indemnitor

SUPPLIER.IO, INC. MASTER SERVICES AGREEMNT (MSA)

WebAug 1, 2008 · An indemnitor is the party who is obligated to pay another. An indemnitee is the party who is entitled to receive the payment from the indemnitor. 2 Indemnification obligations often require that the indemnitor "defend, indemnify and hold harmless" the indemnitee from all claims and damages arising out of the indemnitor's performance of … WebThe party that provides the protection is the indemnitor, while the party protected is the indemnitee.‌ ‌ Indemnity agreements usually work in either or both of the following ways:‌ …

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WebThe Indemnitor represents and warrants that it will in a timely manner take all necessary steps, including without limitation any and all necessary court applications, to discharge its obligations under this Agreement. 6. Extensions, Modifications. WebDec 27, 2024 · Indemnification is a legal agreement by one party to hold another party blameless – not liable – for potential losses or damages. It is similar to a liability waiver …

WebAn indemnity agreementis a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an … Webnoun a person or company that receives indemnity. indemnitor [ in- dem-ni-ter ] show ipa noun a person or company that gives indemnity. Compare More Words Compare More Commonly Confused Words

WebAdditionally, "[c]ommon-law indemnification requires proof not only that the proposed indemnitor's negligence contributed to the causation of the accident, but also that the party seeking indemnity was free from negligence." (Martins v Little 40 Worth Assocs., Inc., 72 AD3d 483, 484 [1st Dept 2010].) WebAug 16, 2024 · The term indemnify is generally interpreted as imposing an obligation on one party (the indemnitor) to pay or compensate the other party (the indemnitee) for certain …

WebSep 8, 2010 · The foregoing documents, together with any and all other documents executed by Original Borrower and/or Original Indemnitor in connection with the Loan, are collectively called the “Loan Documents.”As used herein, the term “Assuming Obligors” shall mean Assuming Borrower and Assuming Indemnitor; and the term “Original Obligors” shall …

WebJun 12, 2024 · The indemnitor, also called the indemnifier, or indemnifying party, is the person who is obligated to hold harmless the other party for its conduct, or another person’s conduct. The indemnitee, also called the indemnified party, refers to the person who receives indemnification. town of webster ny assessorWebIndemnity Agreements and Insurance. An indemnity agreement can be developed with or without insurance. It is completely separate from your insurance coverage. The party that … town of webster ny foilWebJan 20, 2024 · As such, an indemnitor may have a duty to defend but, depending on the factual development of the claims against the indemnitee during the course of litigation, … town of webster ny dog licenseWebJul 4, 2024 · An example of a subject of indemnity is a window supplier agreeing to defend a contractor that hired him to provide material and installation for said windows. Additionally, § 2778 requires an indemnitor to cover the indemnitee’s entire defense costs – regardless of whether the indemnitor is eventually found negligent. town of webster ny mulchWeb(b) If a surety bail bond agent enters into a premium financing arrangement, such agent shall require (1) the principal on the bail bond or any indemnitor to make a minimum down payment of thirty-five per cent of the premium due, at the premium rate approved by the commissioner pursuant to chapter 701, and (2) the principal and any indemnitor ... town of webster ny lodgesWebThe Indemnitor represents and warrants to the Indemnitee that this Agreement when duly and validly executed and delivered by the Indemnitor will constitute a legal, valid and … town of webster ny taxesWebWhen you indemnify someone, you are taking responsibility for the negative consequences of whatever happened. In the legal context, it usually means taking responsibility if someone sues the other party for losses or damages. town of webster ny population