The Liability Indemnity Agreement is a crucial risk management instrument used in Pakistani business transactions where one party seeks protection against potential losses or liabilities. This document is particularly relevant when businesses engage in high-risk activities, mergers and acquisitions, or significant commercial transactions. The agreement, governed by Pakistani law including the Contract Act 1872 and related legislation, outlines specific circumstances under which the indemnifier must compensate the indemnitee. It is commonly used in corporate restructuring, service agreements, construction projects, and financial transactions. The document provides detailed procedures for claiming indemnification, specifies excluded risks, and establishes dispute resolution mechanisms. This type of agreement is essential for businesses operating in Pakistan to allocate risks effectively and ensure clear accountability for potential liabilities.
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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
4. Scope of Indemnity: Detailed description of what losses, damages, or liabilities are covered
5. Indemnification Obligations: Specific obligations of the Indemnifier, including payment terms and procedures
6. Exclusions: Specific circumstances or losses not covered by the indemnity
7. Notice Requirements: Procedures for notifying parties of claims or potential claims
8. Duration: Term of the agreement and survival provisions
9. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and choice of courts
10. Dispute Resolution: Procedures for resolving disputes between parties
11. General Provisions: Standard boilerplate clauses including amendments, notices, and severability
1. Insurance Requirements: Required when specific insurance coverage needs to be maintained by either party
2. Third Party Rights: Include when third parties may have rights under the indemnity
3. Security Provisions: Add when additional security or guarantees are required to support the indemnity
4. Subrogation Rights: Include when specifying rights of the Indemnifier to pursue claims against third parties
5. Counter-Indemnity: Required when there are reciprocal indemnity obligations
6. Limitation of Liability: Include when parties agree to cap the indemnity amount
7. Force Majeure: Add when certain events should excuse performance of indemnity obligations
1. Schedule A - Specified Risks: Detailed list of risks or circumstances covered by the indemnity
2. Schedule B - Claim Procedures: Detailed procedures for making and processing indemnity claims
3. Schedule C - Excluded Losses: Comprehensive list of excluded losses or circumstances
4. Schedule D - Contact Information: List of key contacts and notice addresses for both parties
5. Appendix 1 - Related Agreements: List of any related agreements referenced in the indemnity
6. Appendix 2 - Insurance Certificates: Copies of required insurance certificates when applicable
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