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Damien Bosco
Damien Bosco, Attorney
Category: Business Law
Satisfied Customers: 2562
Experience:  Helping you with your legal questions.
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We are a small mechanical rep firm. WNM and are 40% owned by

Customer Question

We are a small mechanical rep firm. WNM and are 40% owned by a partner who also owns a very large wholesale house locally in Reno (WNS). We've operated for 3 years with WNS handling the accounting for WNM and there have been some slightly interesting things down over that time. WNS is trying to get me to sign the attached 'management agreement' which all the sudden has become urgent- can you explain what this indemnity clause means? Should it be written bi-directionally? This seems very 1 sided
Submitted: 10 months ago.
Category: Business Law
Expert:  Damien Bosco replied 10 months ago.

Hello. My name is***** am an attorney. I am here to help you with your question. We may discuss the issues too. Let me know that sounds good.

Customer: replied 10 months ago.
Expert:  Damien Bosco replied 10 months ago.

Hello. You are asking what is an indemnity clause. Correct?

Customer: replied 10 months ago.
I'm asking specifically about the one I included in the question - shouldn't this be a 2 directional clause ? Does this remove our rights ?
Expert:  Damien Bosco replied 10 months ago.

Hello again. It is a clause that says that one party covers the other party in case the other part is sued. Basically, it say that if party A gets in trouble, party B would cover for them. Another clause could say the opposite or visa versa. So if Party B gets in trouble, party A will cover for them.

Customer: replied 10 months ago.
Did you read the one I sent?
Expert:  Damien Bosco replied 10 months ago.

Yes. It is very comphrensive, meaning that the party being indemnified is being covered very well.