Common use of Indemnification Procedure for Claims Clause in Contracts

Indemnification Procedure for Claims. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the "indemnified party") shall promptly notify the other party or parties (collectively, the "indemnifying party") of the claim and, when known, the facts constituting the basis for such claim; provided, that the indemnified party's failure to give such notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification for Damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The indemnifying party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified party (which shall not be unreasonably withheld) unless suit shall have been instituted solely against the indemnifying party.

Appears in 2 contracts

Samples: Option and Asset Purchase Agreement, Option and Asset Purchase Agreement (Mentor Corp /Mn/)

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Indemnification Procedure for Claims. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the "indemnified party") shall promptly notify the other party or parties (collectively, the "indemnifying party") of the claim and, when known, the facts constituting the basis for such claim; provided, that the indemnified party's failure to give such notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification for Damages damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The indemnifying indemnified party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified indemnifying party (which shall not be unreasonably withheld) unless suit shall have been instituted solely against it and the indemnifying partyparty shall not have taken control of such suit after notification thereof as provided in Section 10.8 this Agreement.

Appears in 2 contracts

Samples: Royalty Agreement (Category 5 Technologies Inc), Membership Exchange Agreement (Category 5 Technologies Inc)

Indemnification Procedure for Claims. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the "indemnified party") shall promptly notify the other party or parties (collectively, the "indemnifying party") of the claim and, when known, the facts constituting the basis for such claim; provided, that the indemnified party's failure to give such notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification for Damages damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The indemnifying indemnified party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified indemnifying party (which shall not be unreasonably withheld) unless suit shall have been instituted solely against it and the indemnifying partyparty shall not have taken control of such suit after notification thereof as provided in this Agreement.

Appears in 2 contracts

Samples: Escrow Agreement (Category 5 Technologies Inc), Stock Purchase and Exchange Agreement (Category 5 Technologies Inc)

Indemnification Procedure for Claims. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the "indemnified party"') shall -12 BOTTOMLINEIC5 V27102 promptly notify the other party or parties (collectively, the "indemnifying party") of the claim and, when known, the facts constituting the basis for such claim; provided, that the indemnified party's failure to give such notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification for Damages damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefromthere from. The indemnifying indemnified party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified indemnifying party (which shall not be unreasonably withheld) unless suit shall have been instituted solely against it and the indemnifying partyparty shall not have taken control of such suit after notification thereof as provided in this Agreement.

Appears in 1 contract

Samples: Stock Purchase and Exchange Agreement (Category 5 Technologies Inc)

Indemnification Procedure for Claims. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification indication (the "indemnified party"') shall promptly notify the other party or parties (collectively, the "indemnifying party") of the claim and, when known, the facts constituting the basis for such claim; provided, that the indemnified party's failure to give such notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification indication for Damages damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The indemnifying indemnified party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified indemnifying party (which shall not be unreasonably withheld) unless suit shall have been instituted solely against it and the indemnifying partyparty shall not have taken control of such suit after notification thereof as provided in Section 13.8 this Agreement.

Appears in 1 contract

Samples: Stock Purchase and Exchange Agreement (Category 5 Technologies Inc)

Indemnification Procedure for Claims. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the "indemnified party") shall promptly notify the other party or parties (collectively, the "indemnifying party") of the claim and, when known, the facts constituting the basis for such claim; provided, that the indemnified party's failure to give such notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification for Damages damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The indemnifying indemnified party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified indemnifying party (which shall not be unreasonably withheld) unless suit shall have been instituted solely against it and the indemnifying partyparty shall not have taken control of such suit after notification thereof as provided in Section 9.8 of this Agreement.

Appears in 1 contract

Samples: Registration Rights Agreement (Digital Courier Technologies Inc)

Indemnification Procedure for Claims. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the "indemnified party") shall promptly notify in writing the other party or parties (collectively, the "indemnifying party") of the claim and, when known, the facts constituting the basis for such claim; provided, that the indemnified party's failure to give such written notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification for Damages damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the written notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The indemnifying indemnified party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified indemnifying party (which shall not be unreasonably withheld) ), unless suit shall have been instituted solely against it and the indemnifying partyparty shall not have taken control of and conducted in a diligent manner the defense of such suit after notification thereof as provided in this Agreement.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Biokeys Pharmaceuticals Inc)

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Indemnification Procedure for Claims. Whenever any claim ------------------------------------ shall arise for indemnification hereunder, the party entitled to indemnification (the "indemnified party") shall promptly notify in writing the other party or ----------------- parties (collectively, the "indemnifying party") of the claim and, when known, the facts ------------------ constituting the basis for such claim; provided, that the indemnified party's failure to give such written notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification for Damages damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the written notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The indemnifying indemnified party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified indemnifying party (which shall not be unreasonably withheld) ), unless suit shall have been instituted solely against it and the indemnifying partyparty shall not have taken control of and conducted in a diligent manner the defense of such suit after notification thereof as provided in Section 8.4 of this Agreement.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Buy Com Inc)

Indemnification Procedure for Claims. Whenever any claim shall ------------------------------------ arise for indemnification hereunder, the party entitled to indemnification (the "indemnified party") shall promptly notify in writing the other party or parties ----------------- (collectively, the "indemnifying party") of the claim and, when known, the facts constituting ------------------ the basis for such claim; provided, that the indemnified party's failure to give such written notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification for Damages damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the written notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The indemnifying indemnified party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified indemnifying party (which shall not be unreasonably withheld) ), unless suit shall have been instituted solely against it and the indemnifying partyparty shall not have taken control of and conducted in a diligent manner the defense of such suit after notification thereof as provided in Section 9.4 of this Agreement.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Buy Com Inc)

Indemnification Procedure for Claims. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the "indemnified party") shall promptly notify the other party or parties (collectively, the "indemnifying party") of the claim and, when known, the facts constituting the basis for such claim; provided, that the indemnified party's failure to give such notice shall not affect any rights or remedies of an indemnified party hereunder with respect to indemnification for Damages damages except to the extent that the indemnifying party is materially prejudiced thereby. In the event of any claim for indemnification hereunder resulting from or in connection with any claim or legal proceedings by a third party, the notice to the indemnifying party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The indemnifying indemnified party shall not settle or compromise any claim by a third party for which it is entitled to indemnification hereunder, without the prior written consent of the indemnified indemnifying party (which shall not be unreasonably withheld) unless suit shall have been instituted solely against it and the indemnifying partyparty shall not have taken control of such suit after notification thereof as provided in Section 13.8 this Agreement.

Appears in 1 contract

Samples: Stock Purchase and Exchange Agreement (Category 5 Technologies Inc)

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