-1.png?height=120&name=Success%20Hub%20(9)-1.png)
About Product
Where a person or entity (the "indemnifier") wants to protect another person or entity (the "indemnified party") against losses or damages arising from a particular transaction or event, an All-Purpose Indemnity Deed is used.
The LYD All-Purpose Indemnity Deed allows for flexibility in the events, transactions or actions against which the Indemnified party can be indemnified for. They are typically used for business transactions, construction projects, leases, loans etc. This Agreement clarifies the responsibilities and scope of the respective parties causing no misunderstandings or confusion.
► $149.00 (inc GST) - OR provided under your unlimited membership
► The master document has been signed off by LY Legal and is congruent with Australian law.
General Information
The LYD All-Purpose Indemnity Deed is a legal document used in providing protection to the new owner of any property or position taken against any legal claims that may arise from an event or transaction.
The Indemnifier agrees to indemnify and hold harmless the indemnified party from any losses or damages that may arise from the event or transaction.
Please note: An indemnity deed is not a substitute for a thorough property search or due diligence process. It is still the responsibility of the new owner to conduct a proper investigation into the property and ensure that there are no outstanding legal issues or disputes related to the property.
Benefits
- It is particularly useful in situations where there is a risk of unexpected losses or damages and acts as an added layer of protection.
- It shifts the risk away from the indemnified party, reducing their exposure to potential losses or damages.
- It clearly outlines the responsibilities of the respective parties, and ensures there is no confusion or misunderstandings.
- It limits advisers' liability if a client does not take advice.
Frequently Asked Legal Questions
Why is an All-Purpose Deed of Indemnity necessary?
The LYD All-purpose Indemnity Deed provides an additional layer of protection to the indemnified party in case of unexpected losses or damages arising from the event or transaction and also clarifies the responsibilities and scope of the respective parties causing no misunderstandings or confusion.
Under what circumstances or situations is an All-purposes Deed of Indemnity used?
The LYD All-purpose Indemnity Deed can be used in any situation where there is a risk of loss or damage due to any transaction or event.
Some examples include -
- A seller may require a buyer to sign an indemnity deed to protect against any claims or losses arising from the sale of a property or business.
- A subcontractor may be required to sign an indemnity deed to protect a contractor against any claims or losses arising from the subcontractor's work on the project.
- A commercial landlord may require a tenant to sign an indemnity deed to protect against any claims or losses arising from the tenant's use of the property.
- A lender may require a borrower to sign an indemnity deed to protect against any losses or damages arising from the borrower's default on the loan.
What is the purpose of the All-Purpose Indemnity Deed?
The purpose of the indemnity deed is to indemnify the new owner against any losses or damages they may incur due to any claims or issues related to the property or position taken that occurred before they took ownership.
How long does this document take to assemble?
Depending on the complexity of the data, this document should take approximately 5-10 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts.
Is this document a legal document?
All master documents have been signed off by LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LYD platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”
However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by LY Legal.
The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:
“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”
Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.
Is the document easy to read?
All LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.
What lawyers sign off on the LYD documents?
All LYD documents are prepared and signed off by LY Legal.
Are the LYD documents reviewed regularly?
All LYD documents form part of the LYD internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is included on this website.
Can I get a sample of this document?
Yes, please email support@lyd.com.au to request a sample document for you to review.