The Indemnity Declaration serves as a crucial risk management tool in Irish business and legal practice, providing a formal mechanism for risk transfer and protection against specified losses or liabilities. This document is commonly used in various commercial contexts, including corporate transactions, service agreements, and business relationships where one party seeks protection against potential future claims or losses. The declaration must comply with Irish legal requirements and typically includes detailed provisions on the scope of indemnification, claim procedures, and enforcement mechanisms. It's particularly relevant in situations involving complex business transactions, professional services, or corporate restructuring where clear allocation of risk is essential. The document's structure and content are designed to ensure enforceability under Irish law while providing clear guidance on the parties' rights and obligations.
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1. Parties: Identification of the Indemnitor (party providing the indemnity) and the Indemnitee (party receiving the indemnity protection), including full legal names and addresses
2. Background: Context explaining the circumstances necessitating the indemnity and the relationship between the parties
3. Definitions: Clear definitions of key terms used in the declaration, including scope of 'Loss', 'Claims', and other relevant terms
4. Indemnification Scope: Detailed description of the specific risks, losses, or liabilities covered by the indemnity
5. Duration: Period for which the indemnity remains valid and effective
6. Notification Requirements: Procedures for notifying the Indemnitor of claims and the timeframe for such notifications
7. Governing Law: Explicit statement that the declaration is governed by Irish law
8. Execution: Signature blocks for all parties and any required witnesses
1. Conditions Precedent: Any conditions that must be met before the indemnity becomes effective
2. Insurance Requirements: Details of any insurance policies required to support the indemnity
3. Limitation of Liability: Any caps or restrictions on the indemnity amount or scope
4. Claims Handling Process: Detailed procedures for managing and processing indemnity claims
5. Step-In Rights: Rights of the Indemnitor to take over defense of claims
6. Dispute Resolution: Specific procedures for resolving disputes related to the indemnity
1. Schedule 1 - Specific Indemnified Risks: Detailed list of specific risks, activities, or circumstances covered by the indemnity
2. Schedule 2 - Excluded Claims: List of specific exclusions or limitations to the indemnity coverage
3. Schedule 3 - Claims Procedure: Step-by-step process for making and handling indemnity claims
4. Appendix A - Related Agreements: List of any related agreements or documents referenced in the indemnity declaration
Relevant legal definitions
Affiliate
Business Day
Claim
Commencement Date
Confidential Information
Control
Costs
Damages
Effective Date
Excluded Claims
Force Majeure Event
Indemnified Party
Indemnifying Party
Indemnified Persons
Losses
Material Adverse Effect
Notice
Parties
Reasonable Endeavours
Related Party
Representatives
Specified Events
Term
Third Party
Third Party Claim
Working Hours
Business Day
Claim
Commencement Date
Confidential Information
Control
Costs
Damages
Effective Date
Excluded Claims
Force Majeure Event
Indemnified Party
Indemnifying Party
Indemnified Persons
Losses
Material Adverse Effect
Notice
Parties
Reasonable Endeavours
Related Party
Representatives
Specified Events
Term
Third Party
Third Party Claim
Working Hours
Clauses
Indemnification Scope
Claims Procedure
Notice Requirements
Liability Limitations
Payment Terms
Duration
Force Majeure
Confidentiality
Assignment
Severability
Governing Law
Dispute Resolution
Entire Agreement
Amendment
Waiver
Third Party Rights
Costs and Expenses
Counterparts
Further Assurance
Insurance Requirements
Cooperation
Survival
Claims Procedure
Notice Requirements
Liability Limitations
Payment Terms
Duration
Force Majeure
Confidentiality
Assignment
Severability
Governing Law
Dispute Resolution
Entire Agreement
Amendment
Waiver
Third Party Rights
Costs and Expenses
Counterparts
Further Assurance
Insurance Requirements
Cooperation
Survival
Relevant Industries
Financial Services
Construction
Professional Services
Manufacturing
Technology
Healthcare
Real Estate
Energy
Transportation
Insurance
Education
Retail
Telecommunications
Relevant Teams
Legal
Risk Management
Compliance
Finance
Operations
Commercial
Corporate Governance
Insurance
Procurement
Business Development
Contract Administration
Relevant Roles
Legal Counsel
Risk Manager
Compliance Officer
Corporate Secretary
Chief Financial Officer
Contract Manager
Project Manager
Operations Director
Business Development Manager
Insurance Manager
Director of Legal Affairs
Commercial Director
Chief Executive Officer
Chief Operating Officer
Financial Controller
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