Common use of Indemnification Actions Clause in Contracts

Indemnification Actions. All claims for indemnification under Section 10.3 shall be asserted and resolved as follows: (a) For purposes of this Article 10, the term "Indemnifying Party" when used in connection with particular Liabilities shall mean the Party or Parties having an obligation to indemnify another Party or Parties with respect to such Liabilities pursuant to this Article 10, and the term "Indemnified Party" when used in connection with particular Liabilities shall mean the Party or Parties having the right to be indemnified with respect to such Liabilities by another Party or Parties pursuant to this Article 10.

Appears in 2 contracts

Sources: Purchase, Sale and Exchange Agreement (Exco Resources Inc), Purchase and Sale Agreement (Venus Exploration Inc)