The Indemnity Form serves as a critical risk management tool in Austrian business and legal practice. This document is typically employed when one party needs to protect another against specific risks, losses, or legal claims. The form is particularly relevant in business transactions, construction projects, service agreements, and corporate restructuring where risk allocation is essential. The document must comply with Austrian legal requirements, particularly the ABGB (Austrian Civil Code) and, where applicable, the UGB (Austrian Commercial Code). The Indemnity Form includes detailed provisions on the scope of protection, claim procedures, and enforcement mechanisms, ensuring it serves both legal compliance and practical business needs. It is designed to be adaptable to various business contexts while maintaining its enforceability under Austrian law.
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1. Parties: Identification and details of the indemnifier and the indemnitee
2. Background: Context and purpose of the indemnity agreement
3. Definitions: Key terms used throughout the agreement, including 'Indemnified Parties', 'Losses', and 'Claims'
4. Scope of Indemnification: Detailed description of what losses, damages, or claims are covered by the indemnity
5. Indemnification Process: Procedure for making claims under the indemnity, including notice requirements and timing
6. Duration: Term of the indemnity agreement and any survival provisions
7. Limitations and Exclusions: Specific exclusions from the indemnity coverage and any monetary or temporal limitations
8. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction for disputes
9. Execution: Signature blocks and execution requirements
1. Insurance Requirements: Required when the indemnifier must maintain specific insurance coverage
2. Third Party Rights: Needed when the indemnity extends to parties beyond the direct contracting parties
3. Security Provisions: Include when additional security (such as bank guarantees) is required to support the indemnity
4. Subrogation Rights: Required when dealing with insurance-related indemnities or specific rights of recovery
5. Alternative Dispute Resolution: Optional section for specifying mediation or arbitration procedures before court litigation
6. Force Majeure: Include when certain extraordinary events should excuse performance of the indemnity obligations
1. Schedule 1 - Specific Indemnified Events: Detailed list of specific events or circumstances covered by the indemnity
2. Schedule 2 - Claim Notice Form: Template form for submitting indemnification claims
3. Appendix A - Insurance Requirements: Detailed specifications of required insurance coverage, if applicable
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