Singapore
Legal Templates
Third Party Indemnity Agreement

Third Party Indemnity Agreement Template for Singapore

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Key Requirements PROMPT example:

Third Party Indemnity Agreement

"I need a Third Party Indemnity Agreement under Singapore law to protect my construction company against potential claims arising from subcontractor work on our upcoming Marina Bay project, with coverage starting from March 2025."

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What is a Third Party Indemnity Agreement?

The Third Party Indemnity Agreement is commonly used in Singapore when businesses need to protect themselves or others against potential third-party claims or losses. This document is particularly relevant in complex commercial arrangements where risk allocation is crucial, such as construction projects, financial transactions, or professional services engagements. Under Singapore law, these agreements must comply with the Contracts Act (Cap. 53) and Civil Law Act (Cap. 43), particularly regarding third party rights and enforcement. The agreement typically details the scope of protection, claim procedures, and payment mechanisms, while ensuring compliance with Singapore's regulatory framework.

What sections should be included in a Third Party Indemnity Agreement?

1. Parties: Identifies all parties to the agreement including the indemnifier, indemnitee, and third party beneficiary

2. Background: Explains the context and purpose of the indemnity arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Scope of Indemnity: Details the specific risks, losses, and circumstances covered by the indemnity

5. Duration: Specifies the term of the indemnity coverage

6. Payment Terms: Outlines the process for making indemnity claims and payments

7. Governing Law: Specifies Singapore law as governing law and jurisdiction

What sections are optional to include in a Third Party Indemnity Agreement?

1. Insurance Requirements: Specifies insurance obligations when specific insurance coverage is required to support the indemnity

2. Limitations of Liability: Caps or restrictions on indemnity obligations when parties agree to limit the scope or amount of indemnification

3. Security Provisions: Requirements for security or guarantees when additional security is required to support the indemnity obligations

What schedules should be included in a Third Party Indemnity Agreement?

1. Schedule of Covered Risks: Detailed list of specific risks covered by the indemnity

2. Claims Procedure: Detailed process for making and handling indemnity claims

3. Form of Notice: Template for formal notices under the agreement

4. Security Documents: Forms of any required guarantees or security arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Industries

Contracts Act (Cap. 53): Primary legislation governing contract formation, validity requirements, consideration principles, and rights of third parties in Singapore

Civil Law Act (Cap. 43): Key legislation containing Section 6 which specifically deals with contracts for the benefit of third parties and requirements for enforceability of indemnity provisions

Unfair Contract Terms Act (Cap. 396): Legislation governing restrictions on exclusion and limitation clauses, including reasonableness test for contractual terms

Limitation Act (Cap. 163): Defines time limits for bringing claims and limitation periods for contract enforcement

Third Parties (Rights against Insurers) Act: Legislation specifically dealing with rights of third parties in relation to insurance contracts and enforcement of indemnity provisions

Common Law Principles: Non-statutory legal principles including privity of contract, consideration requirements, and rules regarding third party rights

Case Law Precedents: Relevant judicial decisions regarding indemnity agreements, interpretation of third party rights, and enforcement of indemnity provisions

Industry-Specific Regulations: Additional regulatory requirements that may apply depending on the specific sector or industry context

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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