Indemnified Party to give Notice of Third Party Sample Clauses
The "Indemnified Party to give Notice of Third Party" clause requires the party seeking indemnification to promptly notify the indemnifying party if a third party makes a claim that could trigger indemnity obligations. In practice, this means that if the indemnified party receives a lawsuit, demand, or other formal claim from an outside party, they must inform the indemnifying party within a specified timeframe and provide relevant details about the claim. This clause ensures that the indemnifying party has the opportunity to respond, defend, or settle the claim, thereby protecting their interests and preventing prejudice due to delayed notification.
Indemnified Party to give Notice of Third Party. Claim: The Indemnified Party must give notice of the Third Party Claim (including reasonable details) to the Indemnifying Party and ensure that the Indemnified Party does not make any payment or admission of liability in respect of the Third Party Claim.