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Indemnification Clauses – What are they? Well, here is a standard “IC” Clause you might expect to see in any variety of contracts;
“Seller; Agrees to indemnify, compensate Buyer for all expenses and hold Buyer harmless from and against any and all claims, liabilities, losses and/or expenses including Attorney’s fees made suffered and/or incurred by any person, entity, governmental body (Yawn) not a party to this agreement and asserted against Buyer or its associates, employees or agents, warranty or covenant or the performance or non-performance of Buyer’s obligations under this contract”:
Looks Pretty Good Right? Let’s Look again and take this Language to its Logical conclusion.
You Buy a product, you use it, it is defective and you are sued for the use of this. What do you do next? You are covered, right? Isn’t the Seller supposed to indemnify you?
Continue reading “CONTRACTS – THIS ONE SIMPLE WORD MAY SAVE YOU HUNDREDS OF THOUSANDS OF DOLLARS ©”
