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Partnership Agreement Article Re: Indemnification

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Partnership Agreement Article Re: Indemnification Powered By Docstoc
					A partnership agreement sets forth the terms and conditions that govern the relationship
between business partners and their obligations to the partnership. Without a written
partnership agreement, state law may determine the default rules as to the rights of
partners and how partnership assets and liabilities will be distributed. Depending on the
goals and purposes of the partnership, various provisions can be included in the
agreement detailing the rules that will govern the relationship between the partners and
what shall occur if specific contingencies arise. This partnership agreement article on
Indemnification may be inserted into a partnership agreement and can be modified
depending on the partners’ specific needs.
                                  PARTNERSHIP AGREEMENT ARTICLE
                                       RE: INDEMNIFICATION

        Each Partner shall indemnify and hold harmless the Partnership and each of the other
Partners from any and all expense and liability resulting from or arising out of any negligence or
misconduct on his part to the extent that the amount exceeds the applicable insurance carried by
the Partnership.




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Description: A partnership agreement sets forth the terms and conditions that govern the relationship between business partners and their obligations to the partnership. Without a written partnership agreement, state law may determine the default rules as to the rights of partners and how partnership assets and liabilities will be distributed. Depending on the goals and purposes of the partnership, various provisions can be included in the agreement detailing the rules that will govern the relationship between the partners and what shall occur if specific contingencies arise. This partnership agreement article on Indemnification may be inserted into a partnership agreement and can be modified depending on the partners’ specific needs.