The Indemnity Contract serves as a crucial risk management tool in Indonesian business transactions, providing a framework for one party (Indemnitor) to compensate another (Indemnitee) for specified losses, damages, or liabilities. This document is essential when parties need to allocate risks in business relationships, mergers and acquisitions, service agreements, or construction projects. The contract must comply with Indonesian law, particularly the Civil Code (KUHPer) and corporate regulations, and requires dual-language formatting as per Law No. 24 of 2009. It's commonly used in scenarios involving corporate guarantees, project developments, or business transactions where risk transfer is necessary. The document includes detailed provisions for claim procedures, payment terms, and dispute resolution mechanisms, all tailored to the Indonesian legal and business environment.
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1. Parties: Identification of the Indemnitor (party providing indemnity) and Indemnitee (party being indemnified), including full legal names and addresses
2. Background: Context of the indemnity arrangement, relationship between parties, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Indemnified Events', 'Losses', and 'Claims'
4. Scope of Indemnity: Detailed description of what losses, damages, or liabilities are covered by the indemnity
5. Indemnification Process: Procedures for making claims, including notice requirements, timing, and documentation
6. Payment Terms: Terms and conditions for payment of indemnification, including currency, timing, and method
7. Limitations and Exclusions: Specific limitations on the indemnity obligation and excluded events or circumstances
8. Duration: Term of the indemnity agreement and any survival provisions
9. Representations and Warranties: Standard representations and warranties from both parties
10. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and choice of forum for disputes
11. Language: Statement on dual language requirement and prevailing language in case of conflict
12. Execution: Signature blocks and execution requirements
1. Security Provisions: Include when the indemnitor is required to provide security or collateral to support the indemnity obligation
2. Insurance Requirements: Include when specific insurance coverage is required to support the indemnity
3. Third Party Rights: Include when the indemnity extends to or affects third parties
4. Tax Provisions: Include when there are specific tax implications or allocations related to the indemnity payments
5. Force Majeure: Include when certain force majeure events might affect the indemnity obligations
6. Assignment and Transfer: Include when rights or obligations under the indemnity may need to be transferred
7. Confidentiality: Include when the indemnity relates to or requires protection of confidential information
1. Schedule 1 - Specified Events: Detailed list of events or circumstances covered by the indemnity
2. Schedule 2 - Claim Procedures: Detailed procedures for making and processing indemnity claims
3. Schedule 3 - Contact Details: Contact information for notices and claims processing
4. Schedule 4 - Form of Claim Notice: Template for submitting indemnity claims
5. Appendix A - Supporting Documents: List of required supporting documents for various types of claims
6. Appendix B - Payment Details: Banking and payment processing information
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