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Gap Indemnity Agreement

Gap Indemnity Agreement Template for Singapore

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Key Requirements PROMPT example:

Gap Indemnity Agreement

"I need a Gap Indemnity Agreement under Singapore law to cover potential losses during a three-month gap period between property insurance policies, with a maximum liability of SGD 2 million, starting from March 1, 2025."

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What is a Gap Indemnity Agreement?

A Gap Indemnity Agreement becomes necessary when standard insurance or contractual protections leave certain risks uncovered. This document, governed by Singapore law, provides a legally binding commitment from one party to compensate another for specific potential losses or liabilities. It is particularly relevant in property transactions, corporate deals, or financial arrangements where traditional coverage may be insufficient or unavailable. The agreement typically details the scope of protection, claim procedures, and payment terms, ensuring compliance with Singapore's legal requirements and commercial practices.

What sections should be included in a Gap Indemnity Agreement?

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

2. Background: Context of the gap risk being covered and related transaction details

3. Definitions: Key terms used throughout the agreement including relevant legislation references (Contracts Act, Civil Law Act, etc.)

4. Scope of Indemnity: Detailed description of what risks/gaps are covered and the extent of indemnification

5. Duration: Period of coverage and termination provisions, considering Limitation Act requirements

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

7. Payment Terms: Details of any premium or consideration for the indemnity

8. Governing Law and Jurisdiction: Specification of Singapore law as governing law and Singapore courts' jurisdiction

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

1. Insurance Requirements: Additional insurance obligations when parallel insurance coverage is required

2. Security Provisions: Additional security for the indemnity obligations when collateral is required

3. Assignment: Rights to assign the benefit of the indemnity when transfer rights are relevant

4. Regulatory Compliance: Specific provisions relating to MAS requirements when financial institutions are involved

What schedules should be included in a Gap Indemnity Agreement?

1. Schedule 1 - Covered Risks: Detailed list of specific gaps or risks covered under the indemnity

2. Schedule 2 - Claims Form: Standard form and procedure for submitting indemnity claims

3. Schedule 3 - Supporting Documents: List of required documentation for claims verification

4. Schedule 4 - Premium Schedule: Details of premium payments and payment schedule if applicable

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

Contracts Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Essential for establishing the basic framework of the indemnity agreement.

Civil Law Act (Cap. 43): Fundamental legislation that provides the basic framework for civil obligations and remedies in Singapore legal system.

Insurance Act (Cap. 142): Relevant when the indemnity agreement involves insurance-related matters or insurance companies as parties.

Unfair Contract Terms Act (Cap. 396): Controls the use of unfair terms in contracts and limits the extent to which liability for breach of contract can be excluded.

Limitation Act (Cap. 163): Sets time limits within which legal actions must be brought, affecting the duration and enforcement of indemnity claims.

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

Singapore Common Law Principles: Relevant case law and judicial precedents from Singapore courts regarding indemnity agreements and their interpretation.

English Common Law References: Persuasive precedents from English law that may be considered given Singapore's common law heritage.

MAS Guidelines: Regulatory requirements from the Monetary Authority of Singapore, particularly relevant if financial institutions are involved.

Singapore Land Authority Regulations: Specific regulations that may apply if the indemnity agreement relates to property transactions.

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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