Indemnity Clause in Sale Agreement Sample

4. Compensation – One-way compensation for the use of the results only for use if the protocol belongs to the university and the sponsor does not provide any drug, material or device, or such drugs, materials or devices are provided for uses already approved (FDA). The agreement of sale precedes the deed of sale, but some states require registration of the agreement for sale under their respective stamp laws. 5. Indemnification – Standard indemnification, except that the Sponsor limits its liability to claims for personal injury or death and imposes several conditions on its indemnification obligation: (1) the proper conduct of the study, (2) the notification and (3) the right to control the defense. The exemption also gives the university the right to choose its own lawyer. Indemnification clauses in service contracts require one party to “indemnify” the other in service companies. 6. Indemnification – For use in material transfer agreements, academic transfer. 8.

Indemnification – For use in patent and technology licensing agreements. Buying a property is a thought based on a person`s decision, where he has invested almost all his savings and has also taken out a loan that lasts half of his life. Therefore, it is important that the sale transaction is clean and that the rights transferred to the buyer are absolute. A indemnification clause protects the interests of the buyer; it must be drafted with careful foresight in order to avoid disputes in the future. The indemnification clauses in the deed of sale are designed to require compensation from the seller in the event of losses or expenses occurring in the future. It should be noted that all possible scenarios must be taken into account before drafting the indemnification clause. Indemnification clauses are an integral part of the deed of sale. Your compensation to the buyer only begins from the date of purchase of the property by you and not before the purchase of the property. This is a standard clause, so it doesn`t hurt to have it and sign it. It should be noted that the indemnification clause is read in conjunction with any disclaimer set forth elsewhere in the Agreement. Jurisprudence on the concept of compensation has evolved and, in one of the cases, the Bombay High Court ruled in Gajanan Moreshwar Parelkar v. Moreshwar Madan Mantri that “the ICA is both an amending law and a consolidation law and that contract law is not exhaustive.

Article 124 deals only with a particular type of compensation where the damage is caused by the conduct of the indemnified party himself or another person, but does not cover cases outside of that or cases where the liability arises from something that the indemnified person has done at the request of the indemnitee. The honourable court also added that since compensation laws are not exhaustive, fair principles must be applied to it for interpretation. You need a indemnification clause to avoid any liability for actions caused by someone else. 13.1 Obligations to notify and defend claims and to cooperate (may be added to any compensation at the request of sponsor or at the discretion of the Component). 13.2 Limited sponsorship compensation if the study drug is to be used in very dangerous procedures such as bone marrow transplantation. 13.3 Sponsor`s Insurance Coverage (may be added to any indemnification). 13.4 Self-insurance (may be added to any compensation). 13.5 If the Sponsor insists on a delay in its indemnification obligations. You should sign a compensation agreement if you understand what you are signing. They are only enforceable with your consent.

Talk to contract lawyers for legal advice. Car rental companies often ask drivers to sign a compensation agreement before driving the car off the property. This is to protect against legal action if the driver of the rental car has an accident. 7. Indemnification – For Use in Material Transfer Agreements – University Reception. Please refer to our Materiel Transfer Agreement Checklist for information on compensation and other issues that arise in this context. Always consult the OGC on this conclusion and never offer this position; We should only accept this position in appropriate circumstances and only after any form of compensation by the sponsor, such as . B the above compensation for negligence was refused. Given (i) a protocol owned by us, (ii) a study drug used for an FDA-approved use, (iii) that almost every conceivable negligence would be on our part, and (iv) that injuries resulting from the drug itself would most likely result in liability claims for products against which the institution would be immune (the state would probably not waive sovereign immunity to it), minimal risk would not justify seeking compensation from the proponent. Before moving into a rental property, a landlord may require the tenant to sign a indemnification clause in the lease.

This would protect the landlord from any loss or damage the tenant may cause to the property. However, in the context of a deed of sale, the buyer`s situation is such that if there are defects in the property or encumber it, this largely affects the rights of the buyer and it is therefore essential that the indemnity be incorporated into the deed of sale. As a result, it is released by third parties, even if they claim to have a title better than the title of the seller, that is, you. They are the last link in the chain of titles. If a former participant in the chain of titles claims to have a better title than you, he can sue the Vendée to take over ownership of the property sold. Since no seller can pass on a title better than their own title, you fall under the indemnification clause. Many high-risk activities such as skydiving or heliskiing require individuals to sign a compensation agreement before they can participate. .