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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3521
Experience:  Solicitors 2 years plus PQE
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Mr Cxx hereby indemnifies, and shall keep indemnified, The

Resolved Question:

Mr Cxx hereby indemnifies, and shall keep indemnified, The Company and Mr Xxx against all costs and damages (including the entire legal expenses of the parties) incurred in all future actions, claims and proceedings in respect of any of the Released Claims which he or his Related Parties or any of them may bring against The company,Mr xxx or their Related Parties or any of them.

This is a in a settlement for a dispute over commissions owed to Employee the company has agreed to settle but this clause in . Is this normal, what does it mean ?? Should I sign ? Does it mean I am liable for all the Companies mistakes ???
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you for your question and welcome.

My name is XXXXX XXXXX I will assist you.

This essentially means that you have to pay the company on a pound for pound basis for any loss it suffers in respect of the "Released Claims". The "Release Claims" are presumably your claim for commission.

Do you have the definition you can send me?

Kind regards

AJ
Customer: replied 2 years ago.
DEFINITIONS AND INTERPRETATION
In this agreement, unless the context otherwise requires, the following words and expressions have the following meanings:
Capacity: as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity.
Confidential Information: information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) relating to the business, products, affairs and finances of Company Mr Sxxx and their Related Parties for the time being confidential to CompanyXxxMr Sxxx and their Related Parties and trade secrets including, without limitation, technical data and know-how relating to the business XxxMr Sxxx and their Related Parties or any of their suppliers, clients, customers, agents, distributors, shareholders or management, including (but not limited to) information that Mr Employee created, developed, received or obtained in connection with the Arrangment, whether or not such information (if in anything other than oral form) is marked confidential.
Copies: copies or records of any Confidential Information in whatever form (including, without limitation, in written, oral, visual or electronic or on any magnetic or optical disk or memory and wherever located) including, without limitation, extracts, analysis, studies, plans, compilations or any other way of representing or recording and recalling information which contains, reflects or is derived or generated from Confidential Information.
Related Parties: a party’s parent, subsidiaries, assigns, transferees, representatives, principals, agents, officers or directors.
Restricted Business: the business of Company xxxand Mr cxx we
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

Is there no definition of "Released Claims"?

Unless you know what these are you must not sign this indemnity because an indemnity is like a guarantee of payment. This is saying in the settlement if the Company is subsequently sued for the "Released Claims" or suffers a loss you will have to "guarantee" this loss. Therefore you need to make sure the definition of "Released Claims" only covers what you are releasing them from.

I would also suggest the indemnity should be limited to any sum of money that you actually receive under this settlement agreement.

Kind regards

AJ

Alex J., Solicitor
Category: Law
Satisfied Customers: 3521
Experience: Solicitors 2 years plus PQE
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