The Hold Harmless Agreement For Trustee is an essential document in South African trust administration, designed to provide protection and clarity for trustees operating under the Trust Property Control Act 57 of 1988. This agreement becomes necessary when trustees take on significant responsibilities in managing trust assets and require protection from personal liability while acting in good faith. It typically includes detailed provisions about indemnification scope, exclusions for misconduct or gross negligence, claim procedures, and the relationship with trustee insurance. The document is particularly relevant in complex trust arrangements where trustees face significant risk exposure or when dealing with high-value trust assets. South African law recognizes such agreements while maintaining important public policy limitations on the extent of permitted indemnification.
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1. Parties: Identification of the parties: the Indemnifier (typically the trust or trust beneficiaries) and the Trustee being indemnified
2. Background: Context of the trustee's appointment, reference to the trust deed, and general purpose of the hold harmless agreement
3. Definitions: Definitions of key terms used in the agreement, including 'Trust', 'Trust Property', 'Indemnified Actions', 'Claims', etc.
4. Scope of Trustee Duties: Clear outline of the trustee's roles and responsibilities that are covered by the indemnification
5. Indemnification Provisions: Detailed provisions specifying the nature and extent of indemnification provided to the trustee
6. Exclusions from Indemnification: Specific circumstances or actions that are excluded from the indemnification (e.g., gross negligence, willful misconduct)
7. Duration: Period for which the indemnification remains valid, including post-resignation or removal provisions
8. Process for Claims: Procedures for the trustee to make claims under the indemnification
9. Governing Law and Jurisdiction: Specification of South African law as governing law and jurisdiction for disputes
10. General Provisions: Standard clauses including notices, amendments, severability, and entire agreement provisions
1. Insurance Requirements: Provisions regarding trustee liability insurance requirements and coordination with indemnification
2. Third Party Claims: Specific procedures for handling claims made by third parties against the trustee
3. Legal Costs and Expenses: Detailed provisions about coverage of legal costs and advancement of expenses
4. Subrogation Rights: Provisions regarding the indemnifier's rights of subrogation
5. Multiple Trustees: Provisions for situations involving multiple trustees or successor trustees
6. Confidentiality: Specific confidentiality obligations and their relationship to the indemnification
7. Trust Asset Protection: Provisions specifically addressing protection of trust assets in relation to indemnification claims
1. Schedule A - Trust Deed Extract: Relevant excerpts from the trust deed relating to trustee indemnification
2. Schedule B - Scope of Duties: Detailed list of trustee duties and responsibilities covered by the indemnification
3. Schedule C - Claim Procedures: Detailed procedures and requirements for making indemnification claims
4. Schedule D - Insurance Specifications: Details of required insurance coverage and limits, if applicable
5. Appendix 1 - Related Party Details: List of relevant related parties such as beneficiaries or co-trustees
6. Appendix 2 - Excluded Activities: Detailed list of activities specifically excluded from indemnification
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