The Trustee Release And Indemnification Agreement is a crucial document used when a trustee seeks to retire, resign, or be discharged from their duties under Swiss law. It provides legal protection for trustees while ensuring proper transition of trust administration and accountability. This document becomes necessary in various scenarios, such as trustee retirement, replacement, or trust termination, and is particularly important given Switzerland's unique position as a civil law jurisdiction that has adopted the Hague Convention on Trusts. The agreement typically includes detailed provisions about the scope of release, indemnification terms, continuing obligations, and specific Swiss law compliance requirements. It serves to protect both the outgoing trustee and the trust's interests by clearly defining the parameters of release and ongoing responsibilities, while establishing mechanisms for addressing any future claims or disputes that may arise under Swiss jurisdiction.
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1. Parties: Identification of all parties to the agreement, including the trustee(s) seeking release, the indemnifying parties, and any other relevant parties such as beneficiaries or protectors
2. Background: Context of the trust relationship, period of trusteeship, and circumstances leading to the release and indemnification
3. Definitions: Definitions of key terms used throughout the agreement, including specific trust-related terminology and scope of release/indemnification
4. Scope of Release: Detailed description of the actions, period, and matters covered by the release, including specific exclusions if any
5. Release Terms: Specific terms of the release, including acknowledgments of proper trust administration and discharge of duties
6. Indemnification Provisions: Terms of indemnification, including scope, limitations, and procedures for claiming indemnification
7. Representations and Warranties: Statements by all parties regarding their authority, understanding, and capacity to enter into the agreement
8. Surviving Obligations: Specification of any continuing obligations of the trustee post-release
9. Governing Law and Jurisdiction: Specification of Swiss law as governing law and jurisdiction for disputes
10. Notices: Requirements and procedures for giving formal notices under the agreement
11. Execution: Formal requirements for signing and dating the agreement
1. Confidentiality: Provisions regarding confidentiality of trust affairs and documentation - include when sensitive information is involved
2. Data Protection: Specific provisions regarding handling of personal data - include when significant personal data is involved
3. Tax Matters: Provisions regarding tax-related responsibilities and indemnities - include when there are significant tax implications
4. Dispute Resolution: Alternative dispute resolution procedures - include when parties prefer arbitration or mediation
5. Third Party Rights: Provisions regarding rights of non-parties to enforce terms - include when there are relevant third parties
6. Insurance: Provisions regarding existing or required insurance coverage - include when insurance is relevant to the indemnification
7. Severability: Provisions for maintaining validity if parts are found unenforceable - include in complex agreements
1. Schedule of Trust Assets: Detailed list of trust assets covered by the release and indemnification
2. Schedule of Known Claims: List of any existing or potential claims known at the time of the agreement
3. Schedule of Specific Actions: Detailed list of specific actions or decisions covered by the release
4. Schedule of Continuing Obligations: List of any obligations that survive the release
5. Schedule of Related Trust Documents: List of relevant trust documents and their dates
6. Schedule of Parties: Detailed information about all relevant parties, including contact details and roles
7. Schedule of Insurance Policies: Details of relevant insurance policies covering the trustee's actions
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