Fundamentals of Indemnification
1 hour 5 minutes
Understand the fundamental purpose of contractual indemnification and consider how it might function in any given contract.
Many non-attorney businesspeople enter into contracts that include indemnification provisions without understanding what those provisions can do. Either party, the one giving indemnification or receiving indemnification, may miss a valuable opportunity to allocate risk clearly so that future litigation or other problems can be minimized or avoided.
This course will help businesspeople understand the fundamental purpose of contractual indemnification and consider how it might function in any given contract. This course will also explain the meanings of several phrases that often appear in indemnification provisions and some potentially important issues that are often omitted from a contract, so a businessperson can contemplate some pros and cons as applied to the business deal on the table. While the speaker will not provide legal advice, and this presentation is not a substitute for the advice of a lawyer, this material will help businesspeople who may review, draft, negotiate, execute, or seek to enforce contracts with indemnification provisions.
• You will be able to define indemnification.
• You will be able to discuss some concerns that either party may have when considering an indemnification provision in a contract.
• You will be able to identify some other contract provisions that may impact an indemnification provision.
• You will be able to review a checklist of several issues to consider when you see an indemnification provision in a contract.