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Indemnity Contract

Indemnity Contract Template for Austria

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Key Requirements PROMPT example:

Indemnity Contract

"I need an Indemnity Contract under Austrian law for my manufacturing company to protect against potential product liability claims, with specific focus on cross-border sales within the EU and a coverage period starting from March 2025."

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Document background
The Indemnity Contract serves as a risk management tool in various commercial and corporate contexts under Austrian law. It is particularly useful in transactions where parties need to allocate specific risks, provide financial protection, or ensure compensation for potential losses. This document type is commonly used in corporate acquisitions, service agreements, construction projects, and financial transactions. The contract must comply with Austrian legal requirements, particularly the provisions of the ABGB (Austrian Civil Code) regarding contractual obligations and damage compensation. Key elements include clear identification of indemnified events, precise scope of coverage, claim procedures, and any limitations or exclusions. The document should be drafted with consideration of Austrian jurisprudence on indemnification and risk transfer arrangements.
Suggested Sections

1. Parties: Identification and details of the indemnifier and indemnitee

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Key terms used throughout the agreement, including 'Indemnified Events', 'Losses', and 'Claims'

4. Scope of Indemnity: Detailed description of what losses, damages, or liabilities are covered by the indemnity

5. Indemnification Obligations: Specific obligations of the indemnifier, including timing and manner of payment

6. Claims Procedure: Process for making and handling indemnification claims, including notice requirements and timeframes

7. Limitations and Exclusions: Specific limitations on the indemnity, including caps, time limits, and excluded events

8. Duration: Term of the indemnity agreement and any survival provisions

9. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction for disputes

10. Notices: Format and addresses for formal communications between parties

11. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Third Party Claims: Procedures for handling claims made by third parties - include when third party claims are specifically contemplated

2. Insurance Requirements: Obligations to maintain specific insurance coverage - include when insurance is required as additional protection

3. Security: Details of any security or guarantee supporting the indemnity - include when additional security is provided

4. Multiple Indemnifiers: Provisions for joint and several liability - include when there are multiple indemnifying parties

5. Subrogation Rights: Rights of the indemnifier to pursue third parties - include when subrogation rights are relevant

6. Tax Provisions: Treatment of tax implications of indemnity payments - include when tax consequences are significant

7. Currency and Exchange Rates: Provisions for handling multiple currencies - include in cross-border arrangements

Suggested Schedules

1. Schedule 1 - Specific Indemnified Events: Detailed list of events or circumstances covered by the indemnity

2. Schedule 2 - Calculation of Losses: Methodology for calculating indemnifiable losses

3. Schedule 3 - Claims Processing Procedures: Detailed procedures and timeframes for processing claims

4. Schedule 4 - Contact Details: Detailed contact information for notices and claims

5. Appendix A - Form of Claim Notice: Template for submitting indemnification claims

6. Appendix B - Supporting Documentation Requirements: List of required documentation for various types of claims

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Insurance

Manufacturing

Construction

Technology

Healthcare

Real Estate

Energy

Transportation

Professional Services

Mining and Resources

Retail and Consumer Goods

Infrastructure

Telecommunications

Relevant Teams

Legal

Risk Management

Compliance

Finance

Operations

Corporate Governance

Insurance

Treasury

Commercial

Business Development

Project Management

Executive Leadership

Relevant Roles

Legal Counsel

Risk Manager

Compliance Officer

Chief Financial Officer

Contract Manager

Insurance Manager

Corporate Secretary

Business Development Manager

Project Manager

Operations Director

Chief Executive Officer

Commercial Director

General Counsel

Finance Director

Treasury Manager

Industries
Austrian Civil Code (ABGB): Primary legislation governing contract law in Austria, particularly §§ 880a-881 regarding guarantees and indemnities, and §§ 1295-1341 concerning damages and compensation
Austrian Commercial Code (UGB): Governs commercial transactions and provides specific rules for business-to-business indemnity agreements, particularly relevant when the indemnity is part of a commercial relationship
Austrian Consumer Protection Act (KSchG): Applies when one party is a consumer, providing additional protections and restrictions on indemnity clauses in consumer contracts
Austrian Insurance Contract Act (VersVG): May be relevant by analogy, particularly regarding risk transfer and notification obligations in indemnity arrangements
Austrian Limitation Act: Provides the statutory limitation periods for bringing claims under indemnity agreements (generally 3 years from knowledge of damage and damaging party)
Austrian General Civil Code § 914: Governs the interpretation of contracts, requiring consideration of common practice and the principle of good faith
Austrian General Civil Code § 879: Regulates void and voidable contracts, particularly relevant for assessing the validity of indemnity clauses
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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