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Standard Indemnity Agreement

Standard Indemnity Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Standard Indemnity Agreement

"I need a Standard Indemnity Agreement under UAE law for my construction company to protect against subcontractor risks, with particular focus on worker safety and project delays for our upcoming Dubai development project starting March 2025."

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Document background
The Standard Indemnity Agreement is a crucial legal document used in the United Arab Emirates to establish and formalize indemnification obligations between parties. It is commonly employed in situations where one party needs to protect another against specific risks, losses, or legal liabilities. This document is particularly relevant in commercial transactions, construction projects, corporate restructuring, and financial arrangements within the UAE jurisdiction. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and related commercial legislation, which provide specific requirements for guarantee and indemnity obligations. It includes detailed provisions for claim procedures, notice requirements, and enforcement mechanisms, while accounting for local legal and commercial practices.
Suggested Sections

1. Parties: Identification of the Indemnifier and Indemnitee, including full legal names and addresses

2. Background: Context of the agreement, relationship between parties, and purpose of the indemnification

3. Definitions: Detailed definitions of key terms used throughout the agreement, including 'Indemnified Events', 'Losses', and 'Claims'

4. Scope of Indemnity: Clear description of what risks, losses, or liabilities are covered by the indemnity

5. Indemnification Obligations: Detailed provisions of the indemnifier's obligations, including timing and method of payment

6. Notice Requirements: Procedures and timeframes for notifying the indemnifier of claims or potential claims

7. Claims Procedure: Process for handling claims, including defense rights and settlement procedures

8. Duration: Term of the indemnity and any survival provisions

9. Limitations and Exclusions: Any caps, exclusions, or limitations on the indemnity obligations

10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

11. Execution: Signature blocks and execution formalities compliant with UAE requirements

Optional Sections

1. Third Party Rights: Include when the indemnity may benefit or affect third parties

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

3. Security Provisions: Include when additional security (such as bank guarantees) is required

4. Currency and Payment Terms: Include when payments may be made in multiple currencies or specific payment terms are needed

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

6. Assignment and Transfer: Include when rights under the indemnity may need to be assigned or transferred

7. Dispute Resolution: Include when specific arbitration or mediation procedures are desired

Suggested Schedules

1. Schedule 1 - Indemnified Events: Detailed list of specific events, risks, or circumstances covered by the indemnity

2. Schedule 2 - Calculation of Losses: Methodology for calculating indemnifiable losses and expenses

3. Schedule 3 - Claims Procedures: Detailed procedures for claim notification, handling, and resolution

4. Schedule 4 - Notice Requirements: Forms and procedures for giving notice under the agreement

5. Appendix A - Form of Claim Notice: Standard form for notifying claims under the indemnity

6. Appendix B - Security Documents: Forms of any required security documents or guarantees

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

Real Estate

Financial Services

Energy

Oil and Gas

Manufacturing

Technology

Healthcare

Transportation

Maritime

Aviation

Infrastructure

Telecommunications

Professional Services

Retail

Relevant Teams

Legal

Risk Management

Finance

Compliance

Operations

Commercial

Corporate Affairs

Project Management

Business Development

Investment

Insurance

Procurement

Strategy

Relevant Roles

Legal Counsel

Chief Legal Officer

Contract Manager

Risk Manager

Chief Financial Officer

Project Manager

Commercial Director

Chief Executive Officer

Compliance Officer

Operations Director

Business Development Manager

Finance Manager

Corporate Secretary

General Counsel

Investment Manager

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): The primary legislation governing civil transactions, contracts, and obligations in the UAE. Articles 1092-1148 specifically deal with guarantees and indemnities.
UAE Federal Law No. 18 of 1993 (Commercial Transactions Law): Governs commercial transactions and may apply if the indemnity is part of a commercial dealing. Contains provisions about commercial guarantees and securities.
UAE Federal Law No. 2 of 2015 (Commercial Companies Law): Relevant if the indemnity agreement involves corporate entities, as it governs corporate relationships and responsibilities.
UAE Federal Law No. 5 of 1987 (Penal Code): Contains provisions about fraudulent behavior and misrepresentation which could affect the validity of indemnity agreements.
UAE Federal Law No. 10 of 1980 (Central Bank Law): May be relevant if the indemnity involves financial institutions or banking transactions.
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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