An Indemnification agreement is an agreement between two parties providing that if one party is sued for a particular reason, the other party will cover the costs of defending the lawsuit as well as any damages that arise from the suit. It is a useful tool when two parties are intertwined in a larger transaction, and want to divide legal responsibility between them. It protects each party from lawsuits for which the other should be responsible.
A lawsuit is initiated in Illinois when the Plaintiff files a document called a Complaint, stating a cause of action which would entitle the plaintiff from relief from the court, and requesting damages or other relief from the court. The complaint lays out the relevant allegations in the case that would entitle the plaintiff to a claim against the defendant.
When you sign a contract for the purchase or sale of residential real estate, you will typically have 5 days to review the contract with your attorney in order for your attorney to modify its terms. Check out our previous article, Attorney Modification of Residential Real Estate Contracts, for more on this topic. In this article, we will discuss the top 5 things you should be on the look out for when reviewing the contract with your real estate attorney.
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An Indemnification agreement is an agreement between two parties providing that if one party is sued for a particular reason, the other party will cover the costs of defending the lawsuit as well as any damages that arise from the suit. It is a useful tool when two parties are intertwined in a larger transaction, and want to divide legal responsibility between them. It protects each party from lawsuits for which the other should be responsible.
If you are a realtor giving your client an opinion as to the value that his or her property will sell for or the time that it will be on the market, be careful. You may be at risk for consumer fraud (click here for an overview of consumer fraud law).
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Our team of friendly professionals are standing by to take your call now at (630)324-6666.
Our team of friendly professionals are standing by to take your call now at (563) 503-6910.
An Indemnification agreement is an agreement between two parties providing that if one party is sued for a particular reason, the other party will cover the costs of defending the lawsuit as well as any damages that arise from the suit. It is a useful tool when two parties are intertwined in a larger transaction, and want to divide legal responsibility between them. It protects each party from lawsuits for which the other should be responsible.
If you are a realtor giving your client an opinion as to the value that his or her property will sell for or the time that it will be on the market, be careful. You may be at risk for consumer fraud (click here for an overview of consumer fraud law).
An Indemnification agreement is an agreement between two parties providing that if one party is sued for a particular reason, the other party will cover the costs of defending the lawsuit as well as any damages that arise from the suit. It is a useful tool when two parties are intertwined in a larger transaction, and want to divide legal responsibility between them. It protects each party from lawsuits for which the other should be responsible.
If you are a realtor giving your client an opinion as to the value that his or her property will sell for or the time that it will be on the market, be careful. You may be at risk for consumer fraud (click here for an overview of consumer fraud law).
Our team of friendly professionals are standing by to take your call now at (630)324-6666.
Our team of friendly professionals are standing by to take your call now at (563) 503-6910.
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