Warren Alter’s Post

A general indemnity agreement is a legal document signed by your company and major shareholders personally, indemnifying the surety against loss they may incur because of bonds they wrote for your company. Generally, if a surety incurs costs on your behalf, they will expect to be reimbursed by you. The terms and conditions of the indemnity agreement are important for you to understand. Be sure to read the indemnity agreement. If you have questions, we can give you insight into when certain clauses are usually invoked and how that might affect you. #Construction #SuretyBonds #AlterSurety

Discover the impact of Oregon's new law, HB 4006, on contractor payments. Learn from surety expert Ian Campbell the benefits and implications for your contracts. #Oregon #Contractors

🌊 Dive into 'Tide' - Your go-to source for essential marine law updates! 🚢 In the latest edition of our marine newsletter, our experts cover: -Marine liability insights -Key tips on restrictive covenants -Strategies for effective debt recovery Plus, meet Verity Slater, our B Corp Champion, and discover how we're leading in sustainable business practices. 📞 Need support? Contact Christopher Tofts and the Marine team at Stephens Scown today and don’t forget to sign up to our newsletter and never miss our legal updates: https://lnkd.in/eQs5FdS6 #MarineLaw #DebtRecovery #Newsletter

🔍 Understanding Surety Bonds: A Quick Guide Surety bonds are essential for ensuring trust and compliance in various industries. Whether you're a contractor, business owner, or legal professional, knowing the ins and outs of surety bonds can save you time and money. 👉 Learn more about how surety bonds can benefit your business and protect your interests  https://lnkd.in/g62vrcxV #SuretyBonds #BusinessProtection #Compliance

A surety bond is defined as a three-party agreement that legally binds together a principal who needs the bond, an obligee who requires the bond and a surety company that sells the bond. The bond guarantees the principal will act in accordance with certain laws. If the principal fails to perform in this manner, the bond will cover resulting damages or losses. When is a bond such as this used? #florida #bonds #floridaliving

A surety bond is defined as a three-party agreement that legally binds together a principal who needs the bond, an obligee who requires the bond and a surety company that sells the bond. The bond guarantees the principal will act in accordance with certain laws. If the principal fails to perform in this manner, the bond will cover resulting damages or losses. When is a bond such as this used? #florida #bonds #floridaliving

Indemnity Agreements in Real Estate Transactions: Mitigating Risks and Liabilities explores the role of indemnification in property deals. It helps real estate professionals and parties minimize risks and liabilities through effective indemnity agreements. Read More: https://lnkd.in/gw7BMEVu

A rent agreement ensures you have legal recourse later in case there is a problem between you and your landlord, which is why it’s important to be careful about the clauses included in the agreement. Here are a few must-have clauses for the rent agreement: 1. Name of the Parties Clause 2. Location of the Property Clause. 3. Rent Amount Clause 4. Payment Mode Clause. 5. Terms and Conditions. 6. Security Deposit Clause. 7. Utility Clause. 8. Guidelines Clause. 9. Damages Clause. 10. Insurance Policy Clause. #clause #rental #rentagreement #agreement #contract #law

One of the most common mistakes clients make (before coming to me) is not understanding the implications of the legal terms “indemnification" or “to indemnify.” This can lead to costly financial losses. Indemnification is a legal term that refers to the act of compensating someone for any losses, damages, or liabilities they may incur. In other words, it is a form of protection against financial losses that may arise from legal action or disputes. When a party seeks indemnification in a contract, they are asking the other party to take responsibility for any losses or damages that may occur, typically as a result of their actions. This means that if a dispute arises, and it is found that one party was responsible for the damages, the other party is obligated to cover the losses. Indemnification is commonly found in contracts involving business, construction, and real estate. It is an important clause to include in contracts because it helps to protect the parties involved against unforeseen losses and liabilities. HOWEVER, it is crucial to carefully read and understand an indemnification clause before agreeing to it, because if you do not know exactly what you’re agreeing to it can be an incredibly costly mistake. Don't let a lack of understanding lead to financial losses. Make sure to have a trusted advisor that carefully review and appropriately tailor any indemnification clauses in your contracts to protect yourself and your business. #indemnification #indemnify #lawyering

Difference Between Indemnity and Guarantee Under Contract Indemnity and guarantee are often used interchangeably, but they represent distinct legal concepts with different implications for parties to a contract. Understanding the key differences is crucial for managing risks and protecting the interests of parties. What is indemnity in a contract- through indemnity one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other person. In a contract of indemnity, a promisee acting within the scope of his authority is entitled to recover from the promisor all damages and all costs which he may incur whereas A contract of guarantee, on the other hand, is a promise whereby the promisor promises to discharge the liability of a third person in case of his default. The person who gives the guarantee is called surety. The person in respect of whose default, the guarantee is given is the principal debtor and the person to whom the guarantee is given is the creditor. Anything done or any promise made for the benefit of the principal debtor may be a sufficient consideration to the surety for giving the guarantee.