Indemnification*

2015 07 01 | Category: Offshore Glossary

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Indemnification*
An expressed or implied contract by which corporation pay expenses of its directors, officers, and employees who are named as defendants in lawsuits alleging that they offended some duty in their service to or on behalf of the corporation. Note that directors and officers may also be paid for the expenses they incurred in the process of forming the corporation.


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