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Deductible Indemnity Agreement

Deductible Indemnity Agreement Template for Singapore

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Key Requirements PROMPT example:

Deductible Indemnity Agreement

"I need a Deductible Indemnity Agreement for my construction company in Singapore, with a S$50,000 deductible threshold and specific provisions for equipment damage claims arising from third-party contractors."

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What is a Deductible Indemnity Agreement?

The Deductible Indemnity Agreement is commonly used in Singapore when parties need to establish clear parameters for risk allocation while maintaining a deductible threshold for claims. This document is particularly relevant in situations involving significant operational risks, insurance arrangements, or complex commercial relationships. It provides detailed mechanisms for calculating deductibles, processing claims, and determining coverage limits, all within Singapore's legal framework. The agreement helps parties manage their risk exposure while ensuring compliance with local regulatory requirements.

What sections should be included in a Deductible Indemnity Agreement?

1. Parties: Identification and details of the indemnifier and indemnitee

2. Background: Context and purpose of the indemnity arrangement

3. Definitions: Key terms used throughout the agreement

4. Scope of Indemnity: Specific losses, claims, and circumstances covered

5. Deductible Amount: Specification of the deductible amount and calculation method

6. Claims Process: Procedure for making and handling indemnity claims

7. Duration: Term of the agreement and survival provisions

What sections are optional to include in a Deductible Indemnity Agreement?

1. Insurance Requirements: Optional section specifying insurance obligations when parties need to maintain specific insurance coverage

2. Security Provisions: Optional section detailing additional security for indemnity obligations when additional financial security is required

3. Subrogation Rights: Optional section covering rights to pursue third parties when recovery from third parties might be relevant

What schedules should be included in a Deductible Indemnity Agreement?

1. Schedule of Covered Events: Detailed list of circumstances triggering indemnity

2. Deductible Calculation Schedule: Detailed methodology for calculating deductible amounts

3. Claims Procedure: Detailed process flow for claims handling

4. Insurance Certificates: Copies of relevant insurance policies and certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Contract Law Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore

Civil Law Act (Cap. 43): Fundamental legislation governing civil matters and contractual relationships in Singapore

Insurance Act (Cap. 142): Key legislation relevant for deductible provisions and insurance-related aspects of indemnity agreements

Unfair Contract Terms Act (Cap. 396): Regulates unfair terms in contracts and limits the extent to which liability can be excluded or restricted

English Common Law Principles: Singapore follows English common law principles on indemnities, providing foundational rules for interpretation

Misrepresentation Act (Cap. 390): Governs false statements made during contract formation that might affect the validity of the agreement

Limitation Act (Cap. 163): Sets statutory time limits for bringing legal claims under the agreement

Third Parties (Rights against Insurers) Act: Regulates rights of third parties in insurance and indemnity contexts

Companies Act (Cap. 50): Relevant when parties to the agreement are corporations, governing corporate capacity and authority

MAS Guidelines: Regulatory guidelines from the Monetary Authority of Singapore that may affect indemnity agreements in regulated sectors

Contra Proferentem Rule: Legal principle where ambiguous contract terms are interpreted against the party who drafted them

Doctrine of Unconscionability: Legal principle protecting against unfair advantage taken by one party over another in contract formation

Rules Against Penalties: Common law principles distinguishing between valid liquidated damages and unenforceable penalties

Duty of Good Faith: Implied obligation on contracting parties to act honestly and fairly in contract performance

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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