An Indemnity Contract is essential in business relationships where risk allocation is crucial. Under Singapore law, these contracts provide a framework for one party to assume financial responsibility for specific losses or liabilities that another party might incur. The document typically includes detailed provisions about covered events, claim procedures, and limitations, ensuring clarity in risk transfer arrangements. Common in various commercial contexts, from construction projects to professional services, these agreements help manage business risks while complying with Singapore's legal requirements regarding contract formation and enforcement.
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Key Requirements PROMPT example:
Indemnity Contract
"I need an Indemnity Contract under Singapore law to protect my technology company against potential losses arising from a software licensing agreement with a major client, to be effective from March 2025."
1. Parties: Identification and details of the indemnifier and indemnitee
2. Background: Context and circumstances leading to the indemnity arrangement
3. Definitions: Key terms used throughout the agreement
4. Scope of Indemnity: Detailed description of what losses, damages, or liabilities are covered
5. Duration: Period during which the indemnity remains valid
6. Claims Process: Procedure for making and handling indemnity claims
7. Governing Law: Specification of Singapore law as governing law
1. Insurance Requirements: Details of required insurance coverage - use when indemnity is linked to insurance obligations
2. Limitations of Liability: Caps or restrictions on indemnity obligations - use when parties agree to limit the scope of indemnity
3. Third Party Rights: Rights of third parties under the indemnity - use when third parties may be affected by the indemnity
1. Schedule of Covered Events: Detailed list of events or circumstances covered by the indemnity
2. Schedule of Excluded Events: List of specific exclusions from the indemnity coverage
3. Claims Procedure: Detailed process flow for making and handling claims
4. Insurance Certificates: Copies of relevant insurance policies or certificates
Authors
Relevant legal definitions
Agreement
Claim
Commencement Date
Confidential Information
Costs
Covered Events
Damages
Effective Date
Excluded Events
Force Majeure
Indemnified Party
Indemnifying Party
Indemnified Losses
Insurance Policy
Liabilities
Loss
Material Breach
Notice
Parties
Related Entities
Representatives
Scope of Indemnity
Term
Territory
Third Party Claim
Claim
Commencement Date
Confidential Information
Costs
Covered Events
Damages
Effective Date
Excluded Events
Force Majeure
Indemnified Party
Indemnifying Party
Indemnified Losses
Insurance Policy
Liabilities
Loss
Material Breach
Notice
Parties
Related Entities
Representatives
Scope of Indemnity
Term
Territory
Third Party Claim
Clauses
Scope of Indemnity
Limitations of Liability
Claims Procedure
Notice Requirements
Duration and Survival
Insurance Requirements
Mitigation Obligations
Payment Terms
Confidentiality
Force Majeure
Assignment
Third Party Rights
Dispute Resolution
Governing Law
Severability
Entire Agreement
Amendments
Waiver
Costs and Expenses
Notices
Counterparts
Time of Essence
Further Assurance
Exclusions
Set-off Rights
Limitations of Liability
Claims Procedure
Notice Requirements
Duration and Survival
Insurance Requirements
Mitigation Obligations
Payment Terms
Confidentiality
Force Majeure
Assignment
Third Party Rights
Dispute Resolution
Governing Law
Severability
Entire Agreement
Amendments
Waiver
Costs and Expenses
Notices
Counterparts
Time of Essence
Further Assurance
Exclusions
Set-off Rights
Relevant Industries
Relevant Teams
Relevant Roles
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