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Simple Indemnity Agreement

Simple Indemnity Agreement Template for Malaysia

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Key Requirements PROMPT example:

Simple Indemnity Agreement

"I need a Simple Indemnity Agreement for my construction company as the Indemnitor, to cover potential structural defects and third-party claims arising from a new commercial building project in Kuala Lumpur, with coverage starting from March 2025."

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Document background
The Simple Indemnity Agreement serves as a risk management tool in Malaysian business transactions, providing a clear framework for risk allocation between parties. This document is commonly used when one party needs protection against potential losses arising from specific business activities, transactions, or relationships. It outlines the circumstances triggering indemnification, the process for making claims, and the extent of coverage. Under Malaysian law, such agreements must comply with the Contracts Act 1950 and related legislation, ensuring enforceability and effectiveness. The document is particularly valuable in business relationships where risk transfer is necessary for commercial certainty and protection.
Suggested Sections

1. Parties: Identifies and provides full details of the Indemnitor (party providing indemnity) and Indemnitee (party receiving indemnity)

2. Background: Recitals explaining the context and purpose of the indemnity agreement

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

4. Scope of Indemnity: Clearly defines the specific risks, losses, or circumstances covered by the indemnity

5. Indemnification Obligations: Details the specific obligations of the Indemnitor, including timing and extent of coverage

6. Claims Procedure: Outlines the process for making and responding to indemnification claims

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

8. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and determines jurisdiction for disputes

9. Execution: Signature blocks and execution formalities

Optional Sections

1. Insurance Requirements: Required when the Indemnitor must maintain specific insurance coverage to support the indemnity

2. Limitations on Liability: Used when parties agree to cap indemnity obligations or exclude certain types of losses

3. Confidentiality: Needed when the indemnity relates to sensitive information or trade secrets

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

5. Assignment: Required when transfer of indemnity rights or obligations needs to be restricted or permitted

6. Dispute Resolution: Include when parties want specific dispute resolution procedures beyond court litigation

Suggested Schedules

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

2. Schedule of Claim Procedures: Detailed procedures for claim notification, documentation, and processing

3. Schedule of Insurance Requirements: Specific insurance types, coverage amounts, and requirements if applicable

4. Appendix A - Notice Details: Contact information and procedures for serving notices under the agreement

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

Manufacturing

Professional Services

Technology

Real Estate

Financial Services

Healthcare

Energy

Transportation

Retail

Relevant Teams

Legal

Risk Management

Compliance

Finance

Operations

Commercial

Business Development

Corporate Secretariat

Executive Management

Relevant Roles

Legal Counsel

Risk Manager

Contract Manager

Business Development Manager

Project Manager

Chief Financial Officer

Compliance Officer

Operations Director

Commercial Director

Chief Executive Officer

Corporate Secretary

General Counsel

Industries
Contracts Act 1950: Primary legislation governing contract formation, validity, and enforcement in Malaysia. Provides essential requirements for valid contracts including offer, acceptance, consideration, and capacity.
Civil Law Act 1956: Determines the application of English common law principles in Malaysian contract law, particularly relevant for indemnity provisions where local law may be silent.
Limitation Act 1953: Sets statutory time limits for bringing legal actions on contracts, including indemnity claims. Generally provides a 6-year limitation period for contractual claims.
Stamp Act 1949: Requires proper stamping of certain documents including indemnity agreements to ensure their admissibility as evidence in court and legal enforceability.
Companies Act 2016: Relevant when the indemnity agreement involves companies, particularly regarding corporate capacity to enter into indemnities and directors' duties.
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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