Partnership Indemnity Agreement

A Partnership Indemnity Agreement is a legal document that requires one partner to compensate another partner for any losses, damages, or expenses incurred as a result of the partnership’s activities. It typically includes provisions for the scope of the indemnification, the procedures for making a claim, and the limitations on the indemnifying partner’s liability. The agreement may also address issues such as the duty to defend against third-party claims, the right to settle or compromise claims, and the allocation of any insurance proceeds. A Partnership Indemnity Agreement helps to allocate risk and responsibility among the partners, and can help to minimize the financial impact of any legal or regulatory issues that may arise.