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According to Black’s Law Dictionary (10th ed. 2014), indemnity is a “duty to make good any loss, damage, or liability incurred by another.”  At its core, an indemnification is a promise to reimburse a person for a loss incurred by that person.  Often, the obligation to indemnify is limited to third party claims.  Further, there is typically a “defend” component to the indemnity that requires the indemnifying party to take over the defense of the…
According to Black’s Law Dictionary (10th ed. 2014), indemnity is a “duty to make good any loss, damage, or liability incurred by another.”  At its core, an indemnification is a promise to reimburse a person for a loss incurred by that person.  Often, the obligation to indemnify is limited to third party claims.  Further, there is typically a “defend” component to the indemnity that requires the indemnifying party to take over the defense of the…
This article explores the following topics: (1) What is a directed-buy arrangement? (2) What significant issues exist for a customer in a directed-buy arrangement? (3) How are directed-buy arrangements handled in the automotive industry? and (4) What are the best practices for a customer entering into a directed-buy arrangement?…
The Non-Disclosure Agreement (“NDA”) is a document that is very often prone to misuse in commercial practice. Often, when business teams from two companies get together, the first thing they do, almost as a box-checking measure, is toss over one company’s standard two-way NDA, without much thought as to whether the NDA should, in fact, be a two-way NDA or whether there is even any need for the NDA at all.…
The Non-Disclosure Agreement (“NDA”) is a document that is very often prone to misuse in commercial practice. Often, when business teams from two companies get together, the first thing they do, almost as a box-checking measure, is toss over one company’s standard two-way NDA, without much thought as to whether the NDA should, in fact, be a two-way NDA or whether there is even any need for the NDA at all.…