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Standard Indemnity Agreement
I need a Standard Indemnity Agreement to protect my manufacturing company against potential losses arising from the supply of components to a major automotive manufacturer, with specific focus on product liability and recall costs starting from March 2025.
1. Parties: Identifies and defines the contracting parties
2. Background: Sets out the context and purpose of the indemnity
3. Definitions: Defines key terms used throughout the agreement
4. Scope of Indemnity: Details what losses/circumstances are covered by the indemnity
5. Indemnification Process: Procedures for making and handling claims under the indemnity
6. Duration: Term of the indemnity coverage and any survival provisions
7. Governing Law and Jurisdiction: Specifies that English and Welsh law governs the agreement and jurisdiction for disputes
1. Insurance Requirements: Details required insurance coverage and maintenance obligations
2. Limitations on Liability: Caps or restrictions on indemnity obligations and exclusions
3. Third Party Claims: Specific procedures for handling claims involving third parties
4. Notice Requirements: Specific requirements for providing notice of claims or circumstances
1. Schedule 1 - Covered Losses: Detailed list of losses and circumstances covered by the indemnity
2. Schedule 2 - Claims Procedure: Step-by-step process for making and handling indemnity claims
3. Schedule 3 - Insurance Requirements: Detailed specifications for required insurance coverage
4. Schedule 4 - Notice Requirements: Forms and procedures for providing required notices under the agreement
Authors
Business Day
Claim
Commencement Date
Confidential Information
Costs
Damages
Effective Date
Excluded Claims
Force Majeure Event
Indemnified Party
Indemnifying Party
Indemnity Period
Liability
Loss
Material Breach
Notice
Parties
Relevant Jurisdiction
Schedules
Term
Third Party
Third Party Claim
Working Hours
Limitations of Liability
Notice Requirements
Claims Procedure
Payment Terms
Duration and Termination
Force Majeure
Confidentiality
Insurance Requirements
Representations and Warranties
Third Party Rights
Governing Law
Dispute Resolution
Assignment
Entire Agreement
Severability
Waiver
Notices
Costs and Expenses
Amendments
Survival
Set-off
Further Assurance
Counterparts
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