Third Party Claim definition
Examples of Third Party Claim in a sentence
If any Indemnified Party makes a claim for indemnification under this Article VIII with respect to any Loss which does not result from a Third-Party Claim (a “Direct Claim”), the Indemnified Party shall give the Indemnifying Party prompt written notice thereof.
If notice of any Third-Party Claim is given to an Indemnifying Party in accordance with Section 8.04(a), and the Indemnifying Party does not, within twenty (20) days after such notice is given, give notice to the Indemnified Party of its election to assume the defense of such Third-Party Claim, the Indemnifying Party will be bound by any determination made in such Third-Party Claim or any compromise or settlement thereof effected by the Indemnified Party.
Such written notice by the Indemnified Party shall describe any Third-Party Claim subject to indemnification hereunder in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party.