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Release And Indemnity Agreement

Release And Indemnity Agreement Template for India

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Key Requirements PROMPT example:

Release And Indemnity Agreement

"I need a Release and Indemnity Agreement for my tech company's acquisition of a software startup, where we want to be protected against any pre-existing intellectual property claims and potential employee disputes that may arise after the closing date of March 15, 2025."

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Document background
The Release And Indemnity Agreement is a critical risk management tool used in various commercial and personal contexts under Indian law. It is commonly employed following dispute settlements, corporate transactions, or project completions where parties seek to achieve finality in their relationships while ensuring protection against future claims. The agreement combines two important legal concepts: a release that discharges existing or potential claims, and an indemnity that provides protection against future claims or losses. This document is particularly relevant in India's growing business environment where complex commercial relationships require clear risk allocation and liability protection. It must comply with specific requirements under the Indian Contract Act, 1872, particularly sections 124-125 regarding indemnity contracts, and consider various Indian statutes including the Specific Relief Act, 1963, and the Limitation Act, 1963.
Suggested Sections

1. Parties: Identifies and defines the parties to the agreement, including the Releasor/Indemnitor and Releasee/Indemnitee

2. Background: Provides context for the agreement, including relevant events, relationships, or circumstances leading to the need for release and indemnity

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

4. Release Provisions: Details the specific claims, rights, or actions being released, including the scope and extent of the release

5. Indemnification Obligations: Specifies the indemnification obligations, including triggers, scope, and covered losses

6. Duration: Specifies how long the release and indemnity obligations remain in effect

7. Notice Requirements: Outlines procedures for notifying parties of claims or circumstances that might trigger indemnification

8. Governing Law and Jurisdiction: Specifies that Indian law governs the agreement and designates jurisdiction for dispute resolution

9. General Provisions: Standard contractual provisions including severability, entire agreement, and amendments

Optional Sections

1. Insurance Requirements: Required when specific insurance coverage must be maintained to support indemnification obligations

2. Representations and Warranties: Added when specific assertions about facts, circumstances, or authority need to be included

3. Dispute Resolution: Detailed alternative dispute resolution procedures when parties want to specify arbitration or mediation

4. Confidentiality: Include when the release or indemnity involves confidential information or trade secrets

5. Survival: Specifies which provisions survive termination when needed

6. Third Party Rights: Required when the release or indemnity affects rights of third parties

7. Limitation of Liability: Added when parties want to cap indemnification obligations or exclude certain types of damages

Suggested Schedules

1. Schedule of Released Claims: Detailed list of specific claims, disputes, or matters being released

2. Schedule of Indemnified Matters: Specific listing of matters, events, or circumstances covered by the indemnity

3. Schedule of Related Agreements: List of other agreements referenced or affected by the release and indemnity

4. Schedule of Insurance Requirements: Detailed insurance requirements including types of coverage, limits, and terms

5. Schedule of Excluded Claims: List of specific claims or matters excluded from the release or indemnity

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

Manufacturing

Technology

Healthcare

Real Estate

Energy

Infrastructure

Professional Services

Insurance

Transportation

Mining and Resources

Relevant Teams

Legal

Compliance

Risk Management

Finance

Operations

Corporate Affairs

Insurance

Project Management

Business Development

Contracts Administration

Relevant Roles

Legal Counsel

Risk Manager

Compliance Officer

Chief Legal Officer

Contract Manager

Project Manager

Chief Financial Officer

Business Development Manager

Operations Director

General Counsel

Corporate Secretary

Chief Risk Officer

Claims Manager

Insurance Manager

Industries
Indian Contract Act, 1872: The fundamental law governing formation and enforcement of contracts in India, particularly Sections 124-125 which specifically deal with contracts of indemnity
Specific Relief Act, 1963: Governs the enforcement of contracts and available remedies when contracts are breached, relevant for enforcement of release and indemnity provisions
Indian Stamp Act, 1899: Determines the stamp duty requirements for various types of agreements to make them admissible as evidence in court
Limitation Act, 1963: Prescribes time limits within which legal actions can be initiated, affecting the enforcement period of indemnity provisions
Indian Registration Act, 1908: Determines whether registration of the agreement is required based on the nature and terms of the release and indemnity
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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