Third Party Indemnity Agreement Generator for Singapore

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Key Requirements PROMPT example:

Third Party Indemnity Agreement

"I need a Third Party Indemnity Agreement under Singapore law to protect my construction company against potential claims arising from subcontractor work on our upcoming Marina Bay project, with coverage starting from March 2025."

Document background

The Third Party Indemnity Agreement is commonly used in Singapore when businesses need to protect themselves or others against potential third-party claims or losses. This document is particularly relevant in complex commercial arrangements where risk allocation is crucial, such as construction projects, financial transactions, or professional services engagements. Under Singapore law, these agreements must comply with the Contracts Act (Cap. 53) and Civil Law Act (Cap. 43), particularly regarding third party rights and enforcement. The agreement typically details the scope of protection, claim procedures, and payment mechanisms, while ensuring compliance with Singapore's regulatory framework.

Suggested Sections

1. Parties: Identifies all parties to the agreement including the indemnifier, indemnitee, and third party beneficiary

2. Background: Explains the context and purpose of the indemnity arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Scope of Indemnity: Details the specific risks, losses, and circumstances covered by the indemnity

5. Duration: Specifies the term of the indemnity coverage

6. Payment Terms: Outlines the process for making indemnity claims and payments

7. Governing Law: Specifies Singapore law as governing law and jurisdiction

Optional Sections

1. Insurance Requirements: Specifies insurance obligations when specific insurance coverage is required to support the indemnity

2. Limitations of Liability: Caps or restrictions on indemnity obligations when parties agree to limit the scope or amount of indemnification

3. Security Provisions: Requirements for security or guarantees when additional security is required to support the indemnity obligations

Suggested Schedules

1. Schedule of Covered Risks: Detailed list of specific risks covered by the indemnity

2. Claims Procedure: Detailed process for making and handling indemnity claims

3. Form of Notice: Template for formal notices under the agreement

4. Security Documents: Forms of any required guarantees or security arrangements

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Construction
Financial Services
Manufacturing
Professional Services
Real Estate

Relevant Teams

Legal
Risk Management
Commercial
Finance
Compliance

Relevant Roles

Chief Legal Officer
Risk Manager
Commercial Director
Contract Manager
Compliance Officer

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Let's create your Third Party Indemnity Agreement

Authors

Alex Denne

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