Board Liability Sample Clauses
The Board Liability clause defines the extent to which members of a company's board of directors are held responsible for actions taken in their official capacity. Typically, this clause outlines the circumstances under which board members may be personally liable for decisions, such as cases involving gross negligence or willful misconduct, and may also specify indemnification provisions that protect directors from certain legal claims. Its core function is to clarify and limit the personal risk faced by board members, thereby encouraging qualified individuals to serve on the board without undue fear of personal financial exposure.
Board Liability. The Association shall indemnify and hold harmless against any and all claims, demands, suits, and other forms of liability for reasonable counsel fees, and other legal cost and expenses that may arise our of, or by reason of, any action taken or not taken by the employer in conformance with this provision.
Board Liability. The Board is not liable for sick days under this Agreement in excess of those actually contributed by participating members. The Board will not be liable in any one year for a total number of Sick Bank days in excess of two (2) times the total members in the Sick Bank.
Board Liability. The Board continues to recognize its liability to the Union for any undue failure or neglect on its part to implement any benefit plan agreed upon in writing between the Board and the Union.
Board Liability. The Employer recognizes its liability to the Union and employees for any undue failure or neglect on its part to implement any benefit plan agreed upon in writing between the Employer and the Union.
Board Liability. The Board, Members of the Board, officers of the Association, and the agents and employees of any (all of the above hereinafter referred to as the “Protected Parties), shall not be liable to the Lot Owners or any other person for any mistake of judgment or error or for any acts or omissions of any nature whatsoever in their respective positions, except for such acts or omissions found by a court of competent jurisdiction to have been made fraudulently or with gross negligence or criminal intent. The Lot Owners shall indemnify, hold harmless, protect and defend any and all of the Protected Parties against all claims, suits, losses, damages, costs and expenses, including, without limitation, attorney’s fees and amounts paid in reasonable settlement or compromise incurred in connection therewith. Each Lot Owner shall be entitled to a right of contribution from every other Lot Owner in respect of said indemnity to the end that, to the extent possible, the burden of any such indemnity shall be borne by the Lot Owners at the time the loss, cost, damage or expense is incurred in the proportion that the number of Lots in the subdivision owned by each respective Lot Owner bears to the total number of Lots in the subdivision at the time the loss, cost, damage or expense is incurred. The Board shall assess each Lot Owner for his share of the cost of such indemnification, and such assessment shall be collectible and enforceable in mode and manner as set forth in Article 7 hereof. To the extent possible the obligation of the Lot Owners for indemnification and the Board’s liability hereunder shall be insured by means of appropriate contractual endorsements to the comprehensive general liability insurance policies held from time to time by the Association.
Board Liability. The Board shall use its best judgment in voting the Shares, but shall not be liable for any vote cast, or consent given by them, in good faith, and in the absence of gross negligence. The Board may delegate any administrative duties, but may not delegate voting or other responsibilities requiring substantive decisions.