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Checklist - Indemnity Clause
Key issues for you to watch out for
The Problem
You need to know what to look for when reviewing this type of clause in the agreements you are reviewing.
Related challenges include:
- the business complains if a contract review takes too long
- having legal counsel review every contract is not feasible from a time or cost perspective
- conducting each review of every contract to a common standard is almost impossible
- even the best people have an off day and miss things
- non-lawyers / junior lawyers can take a long time to train in reviewing compliance issues
- you want contract reviews performed to a common standard
- you need to empower your business to do more for itself
- you do not have a checklist which explains what can and what cannot be agreed
- the problem increases when using 3rd party paper
The web has lots of checklists – but are they any good?
The GLS Solution
GLS Checklists™ flag the key issues you need to be aware of in a wide range of commercial agreement so you can be confident in the agreement that you are reviewing/signing.
This checklist is for Indemnity clauses.
Useful to both legal teams and lay-persons, this GLS Checklist™ flags what is important and/or unique in this clause type, and includes a brief explanation as to why.
GLS Checklists™ flag what is a truly “material” risk area and what is not – allowing you to conduct an efficient and proportionate review.
There are plenty of checklists found on the Web but few are regularly maintained by a legal services group dedicated to empowering you to achieve more yourself.
Problem solved.
GLS RPLV Legal Operations Score
This solution’s GLS RPLV impact score:
| Resource Status: | Specialist | Repeater | Formative |
| Ease of Implementation: | Complex | Average | Easy |
| Value Demonstration/Visibility: | Low | Medium | High |
| Productivity Leverage Profile: | Low | Medium | High |
| IHL Line Optimisation: | Single | Multiple | All Lines |
IHL Critical Function Optimisation Targets
This solution enhances performance across the following critical in-house functions:
In-House Legal: Critical Functions / Processes
Contracting
Legal Tech
Managed Service
Human Capital
Knowledge
GLS has identified 15 critical in-house processes/functions that are present in every world-class legal department. To learn what these functions are, their composition and how they interrelate to deliver efficient legal team performance outcomes - visit here.
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