A Hold Harmless Agreement For Trustee is crucial when establishing or managing trusts under English and Welsh law. This document is typically used when trustees require additional protection beyond standard trustee indemnity provisions, particularly in complex trust arrangements or high-value estates. It details the extent of protection, exceptions, and obligations of all parties involved. The agreement is especially important in situations where trustees are taking on significant responsibilities or when the trust assets involve substantial risk. It provides clarity on liability limitations while ensuring compliance with the Trustee Act 2000 and related legislation.
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Key Requirements PROMPT example:
Hold Harmless Agreement For Trustee
"I need a Hold Harmless Agreement For Trustee to protect me as a professional trustee managing a family trust worth £5 million, with specific coverage for investment decisions and property management starting from March 2025."
1. Parties: Identifies and defines the indemnifying party and the trustee
2. Background: Explains the context of the trust and reason for the hold harmless agreement
3. Definitions: Defines key terms used throughout the agreement including 'Trust', 'Trustee', 'Indemnifying Party', and relevant legislation
4. Scope of Indemnity: Details what actions and circumstances are covered by the hold harmless agreement
5. Duration: Specifies how long the indemnity remains in effect
6. Governing Law: Confirms the agreement is governed by English and Welsh law
1. Insurance Requirements: Details any insurance obligations and minimum coverage requirements for the trustee
2. Exceptions to Indemnity: Lists specific circumstances where the indemnity does not apply, such as willful misconduct or gross negligence
3. Dispute Resolution: Specifies procedures for resolving any disputes related to the agreement, including mediation or arbitration provisions
1. Schedule 1: Trust Assets: Comprehensive list of trust assets covered by the indemnity agreement
2. Schedule 2: Specific Duties: Detailed outline of trustee duties and responsibilities covered by the indemnity
3. Appendix A: Related Trust Documents: List of related trust documents and their relevance to this agreement
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