A Contractor Indemnity Agreement is essential when engaging independent contractors in Singapore to protect the principal company against potential risks and liabilities. This document becomes particularly important in high-risk industries or when contractors perform critical services. The agreement details the scope of indemnification, procedures for claims, and compliance requirements under Singapore law. It provides clarity on risk allocation between parties and helps ensure proper protection while maintaining compliance with Singapore's regulatory framework.
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1. Parties: Identification of the indemnitor and indemnitee, including full legal names and addresses
2. Background: Context of the relationship and purpose of the indemnity agreement
3. Definitions: Key terms used throughout the agreement, including 'Indemnified Parties', 'Claims', 'Losses'
4. Scope of Indemnity: Detailed description of what losses, damages, and claims are covered by the indemnity
5. Duration: Term of the indemnity coverage and any survival provisions
6. Notice Requirements: Procedures for notifying parties of claims and timing requirements
7. Governing Law: Specification of Singapore law as governing law
1. Insurance Requirements: Details of required insurance coverage and maintenance obligations
2. Defense Rights: Rights and obligations of indemnitor to defend claims and control litigation
3. Exclusions: Specific exclusions and limitations from indemnity coverage
4. Alternative Dispute Resolution: Procedures for mediation or arbitration before pursuing litigation
1. Schedule of Covered Activities: Detailed list of activities and operations covered by the indemnity
2. Insurance Requirements Schedule: Specific insurance types, coverage amounts, and policy requirements
3. Claims Procedure: Step-by-step procedure for making and processing indemnity claims
4. Related Agreements: List of other agreements referenced or incorporated into the indemnity agreement
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