ContractsCounsel Logo

Legal Questions and Answers

Get free proposals from vetted lawyers in our marketplace.

GET FREE PROPOSALS
No upfront payment required. Pay only if you hire.
Home Q&A Forum Indemnity clause in business partnership agreement?

Indemnification

Business Partnership Agreement

North Carolina

Asked on Sep 29, 2023

Indemnity clause in business partnership agreement?

I am in the process of forming a business partnership with a colleague, and we are currently in the process of drafting a contract. We both have agreed on most of the terms, but I am unsure about the indemnity clause. I am not sure what should be included in this clause and I want to ensure that both parties are protected in the event of a dispute.

1 Attorney answer

Answer

Indemnification

North Carolina

Answered 282 days ago

N'kia N.

ContractsCounsel verified

Business Lawyer
Licensed in North Carolina
Free Consultation

Indemnity clauses (also known as "indemnification clauses") are rather common in business contracts, including formal Partnership Agreements. The general purpose of an indemnity clause is to protect the indemnified party against a claim, including a lawsuit, by a third party or another party. While the clause might not be extremely detailed, the terms and conditions of an indemnity clause should clearly and accurately reflect the parties' understanding and intent. Someone who has questions or concerns about an indemnity clause, including in a Partnership Agreement, should consider consulting with a knowledgeable attorney before signing.

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.
Meet some lawyers on our platform

Damien B.

19 projects on CC
CC verified
View Profile

Sarah S.

35 projects on CC
CC verified
View Profile

Danny J.

13 projects on CC
CC verified
View Profile

Michael K.

101 projects on CC
CC verified
View Profile

Find lawyers and attorneys by city