An Indemnification and pledge agreement is an agreement between two companies or organizations in which one of the organizations pledge its properties for receiving fund from another organization and the other organization is protected from any financial responsibilities. Both the parties agree for the contract after clearly stating their requirements and responsibilities. The parties involved in the agreement must adhere to the terms and the conditions that are listed in the agreement.
The organization that receives fund by pledging its resources must make sure that the funds are returned in timely manner. The provider of funds can take legal action against the recipient in case of any failure in returning the funds. The purpose of receiving the funds should b clearly stated in the agreement and any violation or behavior apart from what the agreement states can lead to termination or cancellation of the agreement. Both parties should abide by the government’s rules and regulations stated in the agreement.
INDEMNIFICATION AND PLEDGE AGREEMENT
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