Indemnity? Yeah, right. John MacVane at Gardere Wynne Sewell explains why indemnity provisions in executive contracts aren’t as all-encompassing as many think and hope they should be.
“As it turns out, these executive indemnity provisions often aren’t as comprehensive as they appear,” says MacVane. He uses the example of negligence or gross negligence, which requires a contract to expressly state the person will be covered for these acts in order to obtain legal coverage. Therefore, contracts that broadly state coverage, or “we will indemnify you for everything,” won’t actually protect against negligence because of this “express negligence doctrine,” explains MacVane.
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