The Indemnity Agreement serves as a critical risk management tool in business relationships under Irish jurisdiction. It is commonly used when parties need to allocate risk and establish clear obligations for compensation in case of specified losses, damages, or liabilities. This document is essential in various business contexts, from corporate transactions to service agreements, and must comply with Irish contract law, the Civil Law (Miscellaneous Provisions) Act 2011, and other relevant legislation. The agreement typically includes detailed provisions about the scope of indemnity, claim procedures, payment terms, and dispute resolution mechanisms, all tailored to meet Irish legal requirements and business practices.
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1. Parties: Identifies and defines all parties to the agreement, including full legal names and addresses
2. Background: Sets out the context and purpose of the indemnity agreement, including relevant background information
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Scope of Indemnity: Clearly defines what losses, damages, or liabilities are covered by the indemnity
5. Indemnification Obligations: Details the specific obligations of the indemnifying party, including trigger events and coverage extent
6. Exclusions: Specifies what events, actions, or circumstances are explicitly excluded from the indemnity coverage
7. Claims Procedure: Outlines the process for making and handling indemnity claims, including notice requirements and timeframes
8. Duration: Specifies the term of the agreement and any survival provisions
9. Payment Terms: Details the timing and method of indemnity payments
10. Governing Law and Jurisdiction: Specifies Irish law as governing law and establishes jurisdiction for disputes
11. Execution: Signature blocks and execution formalities
1. Insurance Requirements: Required when specific insurance coverage must be maintained by either party
2. Security Provisions: Include when collateral or security is required to support the indemnity obligations
3. Third Party Rights: Needed when third parties may have rights under the indemnity agreement
4. Subrogation Rights: Include when dealing with insurance-related indemnities or complex recovery rights
5. Force Majeure: Optional clause for circumstances where performance might be affected by events beyond parties' control
6. Assignment: Include when transfer of rights under the agreement needs to be addressed
7. Confidentiality: Required when sensitive information will be shared in relation to indemnity claims
8. Dispute Resolution: Include when specific dispute resolution procedures (mediation/arbitration) are desired
1. Schedule 1 - Scope of Covered Losses: Detailed breakdown of specific losses, damages, or liabilities covered by the indemnity
2. Schedule 2 - Claims Processing Procedures: Detailed procedures for claim submission, documentation requirements, and processing timeline
3. Schedule 3 - Insurance Requirements: Specific insurance types, coverage amounts, and provider requirements if applicable
4. Appendix A - Notice Requirements: Forms and templates for required notices under the agreement
5. Appendix B - Contact Information: Detailed contact information for key personnel involved in claims processing
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