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Indemnity And Undertaking Agreement

Indemnity And Undertaking Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Indemnity And Undertaking Agreement

"I need an Indemnity and Undertaking Agreement for a UAE construction project where the main contractor will indemnify the project owner against subcontractor claims and environmental liabilities, with the agreement to be effective from March 1, 2025."

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Document background
The Indemnity and Undertaking Agreement is a crucial legal instrument in the UAE business environment, designed to allocate and manage risks between parties in various commercial relationships. This document is typically used when one party needs to protect another against specific risks, losses, or liabilities arising from business operations, transactions, or specific events. The agreement must comply with UAE Civil Code requirements and commercial regulations, making it particularly important to include specific provisions required under UAE law. It is commonly used in construction projects, financial transactions, corporate restructuring, and major commercial deals where risk allocation is critical. The document can be customized to include various levels of protection and specific undertakings based on the particular business context and requirements of the parties involved.
Suggested Sections

1. Parties: Identifies and defines the parties to the agreement, including their full legal names, addresses, and registration details

2. Background: Sets out the context and circumstances leading to the agreement, including any relevant transaction or relationship between the parties

3. Definitions: Defines key terms used throughout the agreement for clarity and consistency

4. Scope of Indemnity: Clearly defines the extent and limitations of the indemnification obligations

5. Indemnification Obligations: Details the specific circumstances triggering indemnification and the process for claiming

6. Undertakings: Lists specific promises and commitments made by the indemnifying party

7. Duration: Specifies the term of the agreement and any survival provisions

8. Notice Requirements: Details the process and timeframes for notifying claims and communications

9. Governing Law and Jurisdiction: Specifies UAE law as governing law and establishes jurisdiction for disputes

10. Execution: Formal signing section including witness requirements as per UAE law

Optional Sections

1. Third Party Rights: Include when the indemnity extends to or affects third parties

2. Insurance Requirements: Include when specific insurance coverage is required to support the indemnity

3. Security Provisions: Include when additional security or guarantees are required

4. Confidentiality: Include when sensitive information is involved in the indemnified matters

5. Assignment: Include when transfer of rights needs to be specifically addressed

6. Force Majeure: Include when certain events should excuse performance of obligations

7. Severability: Include when there's risk that certain provisions might be invalid

8. Multiple Indemnitors: Include when there are multiple parties providing indemnity

Suggested Schedules

1. Schedule of Specific Indemnified Matters: Detailed list of specific situations, losses, or claims covered by the indemnity

2. Schedule of Excluded Matters: List of specific exclusions from the scope of indemnity

3. Schedule of Insurance Requirements: Detailed insurance requirements including types, amounts, and specific coverage

4. Schedule of Notice Recipients: Contact details for notices and claims under the agreement

5. Form of Claim Notice: Template for making claims under the indemnity

6. Powers of Attorney: If required, forms of power of attorney for executing the agreement or making claims

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
Relevant Industries

Construction

Financial Services

Real Estate

Oil & Gas

Maritime

Technology

Healthcare

Manufacturing

Infrastructure

Professional Services

Transportation & Logistics

Retail & Commercial

Relevant Teams

Legal

Risk Management

Compliance

Finance

Operations

Commercial

Project Management

Corporate Governance

Business Development

Treasury

Relevant Roles

Legal Counsel

Chief Legal Officer

Risk Manager

Compliance Officer

Contract Manager

Project Manager

Chief Financial Officer

Commercial Director

Operations Director

Business Development Manager

Company Secretary

General Manager

Managing Director

Finance Director

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): The fundamental law governing contracts, civil transactions, and obligations in the UAE. Articles 246-252 specifically deal with the execution of contracts, while Articles 1026-1055 cover guarantees and securities.
UAE Federal Law No. 18 of 1993 (Commercial Code): Governs commercial transactions and provides framework for commercial obligations and indemnities between business entities.
UAE Federal Law No. 14 of 2016 (Violations and Administrative Penalties): Relevant for understanding potential penalties and enforcement mechanisms related to contractual breaches and non-compliance.
UAE Federal Law No. 2 of 2015 (Commercial Companies Law): Important for understanding the capacity of companies to enter into indemnity agreements and their authority to undertake obligations.
UAE Federal Law No. 10 of 1992 (Law of Evidence): Crucial for understanding the evidentiary requirements and burden of proof in case of disputes relating to the indemnity agreement.
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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