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Indemnity Contract

Indemnity Contract Template for Ireland

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Key Requirements PROMPT example:

Indemnity Contract

"I need an Indemnity Contract under Irish law for my tech company to protect against intellectual property claims when providing software services to a major financial institution, with coverage starting from March 2025."

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Document background
This Indemnity Contract template is designed for use under Irish law when one party needs to provide financial protection or risk coverage to another party against specific losses, liabilities, or damages. The document is commonly used in various commercial contexts, including corporate transactions, service agreements, and risk allocation arrangements. It includes comprehensive provisions covering the scope of indemnity, claim procedures, limitations, and enforcement mechanisms. The contract ensures compliance with Irish legal requirements, including writing and signature requirements under the Statute of Frauds (Ireland) 1695, and incorporates relevant provisions of Irish contract law and civil liability principles. This template is particularly valuable for businesses seeking to establish clear risk allocation and protection mechanisms in their commercial relationships.
Suggested Sections

1. Parties: Identifies and defines the indemnitor (party providing indemnity) and indemnitee (party being indemnified)

2. Background: Sets out the context and commercial purpose of the indemnity arrangement

3. Definitions: Defines key terms used throughout the agreement, including specific events, losses, and claims covered

4. Scope of Indemnity: Details the specific losses, damages, or liabilities covered by the indemnity

5. Indemnification Process: Outlines the procedure for making claims under the indemnity, including notice requirements and timing

6. Limitations and Exclusions: Specifies any caps, carve-outs, or exclusions from the indemnity coverage

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

8. Payment Terms: Details the timing and method of indemnity payments

9. Dispute Resolution: Sets out the process for resolving any disputes relating to the indemnity

10. Governing Law and Jurisdiction: Confirms Irish law as governing law and specifies jurisdiction for disputes

11. Execution: Formal signing section complying with Irish law requirements

Optional Sections

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

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

3. Security Provisions: Include when collateral or security is required to support the indemnity obligations

4. Step-In Rights: Include when the indemnifier needs rights to take control of claims or proceedings

5. Subrogation Rights: Include when the indemnifier should have rights to pursue third parties after paying an indemnity

6. Multiple Indemnitors: Include when there are multiple parties providing indemnities with specific sharing arrangements

7. Tax Provisions: Include when there are specific tax implications or tax-related indemnities

Suggested Schedules

1. Schedule 1 - Defined Events: Detailed list of events or circumstances triggering the indemnity

2. Schedule 2 - Claim Procedures: Detailed procedures for making and processing indemnity claims

3. Schedule 3 - Excluded Matters: Comprehensive list of exclusions from the indemnity coverage

4. Schedule 4 - Calculation Methodology: Formula or methodology for calculating indemnity payments

5. Appendix A - Notice Requirements: Forms and requirements for valid notices under the agreement

6. Appendix B - Claims Documentation: Required forms and documentation for 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

Financial Services

Insurance

Construction

Manufacturing

Technology

Professional Services

Real Estate

Healthcare

Energy

Transportation

Retail

Telecommunications

Relevant Teams

Legal

Finance

Risk Management

Compliance

Commercial

Operations

Treasury

Insurance

Corporate Secretariat

Business Development

Relevant Roles

Legal Counsel

Risk Manager

Chief Financial Officer

Commercial Director

Compliance Officer

Contract Manager

Insurance Manager

Corporate Secretary

Business Development Manager

Operations Director

Chief Executive Officer

Finance Director

General Counsel

Treasury Manager

Industries
Civil Law (Miscellaneous Provisions) Act 2011: Sets out various provisions affecting civil law matters in Ireland, including aspects of contract enforcement and validity
Statute of Frauds (Ireland) 1695: Requires certain contracts, including guarantees and indemnities, to be in writing and signed to be enforceable
Unfair Terms in Consumer Contracts Regulations 1995: Regulates unfair terms in contracts between consumers and sellers/suppliers, including indemnity clauses
Limitation Act 1957: Establishes time limits for bringing legal actions, including claims related to indemnities
Central Bank Consumer Protection Code 2012: Relevant if the indemnity is related to financial services, setting out requirements for fair treatment of consumers
Sale of Goods and Supply of Services Act 1980: May be relevant if the indemnity is related to goods or services, particularly regarding implied terms and conditions
Civil Liability Act 1961: Governs aspects of civil liability that might affect indemnity provisions, particularly regarding concurrent wrongdoers and contribution
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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