Indemnity Agreement Letter
Indemnity Agreement Letter
[YOUR NAME]
[YOUR COMPANY NAME]
[YOUR COMPANY ADDRESS]
[YOUR COMPANY NUMBER]
October 3, 2050
Jamie Crooks
GraceSpace
Eugene, OR 97401
Subject: Indemnity Agreement Letter
Dear Ms. Crooks,
This Indemnity Agreement (the "Agreement") is made and entered into as of the Effective Date by and between [YOUR COMPANY NAME], a corporation organized under the laws of California, with its principal place of business located at [YOUR COMPANY ADDRESS] (hereinafter referred to as the “Indemnitor”), and GraceSpace a corporation organized under the laws of California, with its principal place of business located at Eugene, OR 97401 (hereinafter referred to as the “Indemnitee”).
1. Purpose of the Agreement
The purpose of this Agreement is to provide indemnification to the Indemnitee for losses, liabilities, claims, damages, or expenses (including reasonable attorney's fees) incurred as a result of the business transaction related to the acquisition of 50% equity interest in GraceSpace by [YOUR COMPANY NAME].
2. Indemnification
The Indemnitor agrees to indemnify, defend, and hold harmless the Indemnitee from and against any and all claims, losses, liabilities, and expenses arising out of or resulting from:
a. Any breach of this Agreement by the Indemnitor.
b. Any negligence or willful misconduct by the Indemnitor in connection with the transaction.
c. Any claims made by third parties related to the actions or omissions of the Indemnitor during the term of this Agreement.
3. Duration of Indemnity
This indemnity shall remain in effect from the date of this Agreement until October 3, 2055, unless otherwise terminated by mutual written consent of both parties.
4. Limitations
The indemnity obligations set forth herein shall not apply to the extent that any claims arise from the Indemnitee’s own negligence or willful misconduct.
5. Notice of Claims
The Indemnitee shall provide written notice to the Indemnitor of any claim or demand for which indemnification is sought within 30 days of becoming aware of such claim or demand.
6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to its conflict of law principles.
7. Miscellaneous
This Agreement constitutes the entire understanding between the parties regarding the subject matter hereof and supersedes all prior agreements, negotiations, and understandings. Any amendments or modifications to this Agreement must be in writing and signed by both parties.
IN WITNESS WHEREOF, the parties have executed this Indemnity Agreement as of the day and year first above written.
[YOUR NAME]
CEO
[YOUR COMPANY NAME]
Jamie Cooks
Managing Partner
GraceSpace
