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General Indemnity Agreement
"Need a General Indemnity Agreement under Saudi law for a construction project between Al-Najm Construction Company (as Principal) and Gulf Security Bank, with specific provisions for performance bonds and multiple project sites, to be effective from March 1, 2025."
1. Parties: Identification of the Indemnitor(s) and Indemnitee(s) with full legal names and details
2. Background: Context of the agreement and relationship between parties
3. Definitions: Definitions of key terms used throughout the agreement, including 'Indemnified Losses', 'Claims', and 'Indemnification Obligations'
4. Scope of Indemnity: Detailed description of what losses, damages, and claims are covered by the indemnity
5. Indemnification Procedure: Process for making indemnification claims and the response timeline
6. Payment Terms: Terms and conditions for indemnity payments, including currency and payment methods
7. Duration: Term of the indemnity agreement and survival provisions
8. Representations and Warranties: Statements of fact and guarantees by both parties
9. Notice Requirements: Procedures for providing notices under the agreement
10. Governing Law and Jurisdiction: Specification of Saudi law as governing law and choice of forum
11. General Provisions: Standard clauses including amendments, assignment, and severability
1. Security: Include when additional security or guarantees are required for the indemnity obligations
2. Insurance Requirements: Include when specific insurance coverage is required to support the indemnity
3. Multiple Indemnitors: Include when there are multiple parties providing indemnity with joint and several liability
4. Specific Exclusions: Include when certain risks or events need to be explicitly excluded from the indemnity scope
5. Cross-Indemnification: Include when parties are providing reciprocal indemnities
6. Sharia Compliance Declaration: Include when explicitly required to confirm compliance with Islamic principles
7. Currency Risk Provisions: Include for international agreements where currency fluctuation risks need to be addressed
1. Schedule 1 - Specified Risks: Detailed list of specific risks covered by the indemnity
2. Schedule 2 - Claim Form Template: Standard form for making indemnification claims
3. Schedule 3 - Security Documents: List and copies of any security documents provided
4. Schedule 4 - Contact Details: Detailed contact information for notices and claims
5. Appendix A - Power of Attorney: If required, power of attorney documentation for signatories
6. Appendix B - Corporate Authorizations: Copies of corporate approvals and authorizations
Authors
Applicable Law
Business Day
Claim
Commencement Date
Confidential Information
Default Event
Effective Date
Force Majeure Event
Guaranteed Obligations
Indemnified Party
Indemnifying Party
Indemnified Losses
Liability
Loss
Material Adverse Effect
Notice
Obligations
Party/Parties
Principal
Related Parties
Representatives
Saudi Arabian Law
Security
Sharia Principles
Subsidiary
Term
Third Party
Third Party Claim
Transaction Documents
Underlying Agreement
Working Hours
Indemnification Procedure
Payment Obligations
Limitation of Liability
Notice Requirements
Representations and Warranties
Security and Collateral
Sharia Compliance
Events of Default
Force Majeure
Assignment
Confidentiality
Dispute Resolution
Governing Law
Severability
Entire Agreement
Amendment
Waiver
Third Party Rights
Survival
Counterparts
Language
Notices
Time Periods
Currency
Costs and Expenses
Further Assurance
Authority and Capacity
Term and Termination
Subrogation Rights
Construction
Manufacturing
Financial Services
Oil & Gas
Real Estate Development
Infrastructure
Trading & Distribution
Technology
Transportation & Logistics
Professional Services
Healthcare
Industrial Services
Legal
Risk Management
Finance
Compliance
Commercial
Corporate Secretariat
Operations
Treasury
Insurance
Business Development
Project Management
Legal Counsel
Risk Manager
Chief Financial Officer
Commercial Director
Compliance Officer
Contract Manager
Corporate Secretary
Chief Executive Officer
Project Manager
Operations Director
Treasury Manager
Insurance Manager
Business Development Manager
Financial Controller
General Manager
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