Common use of Failure of Indemnifying Person to Act Clause in Contracts

Failure of Indemnifying Person to Act. If the Indemnifying Person does not elect to assume the defense of any Third Party Claim, then (a) the Indemnified Person shall (upon further notice to the Indemnifying Person) have the right to undertake the defense, compromise or settlement of the Third Party Claim on behalf of and for the account and risk of the Indemnifying Person, subject to the Indemnifying Person’s election to assume the defense of the Third Party Claim at any time prior to settlement, compromise or final determination of the claim; and (b) any failure of the Indemnified Person to defend or to participate in the defense of a Third Party Claim or to cause the same to be done, shall not relieve the Indemnifying Person of its obligations under this Agreement.

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement (Maxco Inc)

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Failure of Indemnifying Person to Act. If In the event that the Indemnifying Person does not elect to assume the defense of any Third Party Claim, then (a) the Indemnified Person Party shall (upon further notice to the Indemnifying PersonParty) have the right to undertake the defense, compromise or settlement of the Third Party such Claim on behalf of and for the account and risk of the Indemnifying PersonParty, subject to the Indemnifying Person’s Party's election to assume the defense of the Third Party such Claim at any time prior to settlement, compromise or final determination of the claimthereof; and (b) any failure of the Indemnified Person to defend or to participate in the defense of a Third Party any such Claim or to cause the same to be done, shall not relieve the Indemnifying Person of its obligations under this Agreementhereunder.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Lone Star Technologies Inc)

Failure of Indemnifying Person to Act. If the Indemnifying Person does not elect to assume the defense of any Third Party Claim, then (a) the Indemnified Person shall (upon further notice to the Indemnifying Person) have the right to undertake the defense, compromise or settlement of the such Third Party Claim on behalf of and for the account and risk of the Indemnifying PersonParty, subject to the Indemnifying Person’s Party's election to assume the defense of the such Third Party Claim at any time prior to settlement, compromise or final determination of the claimClaim; and (b) any failure of the Indemnified Person to defend or to participate in the defense of a Third Party Claim or to cause the same to be done, shall not relieve the Indemnifying Person of its obligations under this Agreement.

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement (Quanex Corp)

Failure of Indemnifying Person to Act. If In the event that the Indemnifying Person does not elect to assume the defense of any Third Party Claim, then (a) the Indemnified Person shall (upon further notice to the Indemnifying Person) have the right to undertake the defense, compromise or settlement of the such Third Party Claim on behalf of and for the account and risk of the Indemnifying Person, subject to the Indemnifying Person’s 's election to assume the defense of the such Third Party Claim at any time prior to settlement, compromise or final determination of the claimthereof; and (b) any failure of the Indemnified Person to defend or to participate in the defense of a any such Third Party Claim or to cause the same to be done, shall not relieve the Indemnifying Person of its obligations under this Agreement.hereunder. September 9, 2004 (Wire)

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement (Gerdau Ameristeel Corp)

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Failure of Indemnifying Person to Act. If In the event that the Indemnifying Person does not elect to assume the defense of any Third Party Claim, then (a) the Indemnified Person shall (upon further notice to the Indemnifying Person) have the right to undertake the defense, compromise or settlement of the such Third Party Claim on behalf of and for the account and risk of the Indemnifying Person, subject to the Indemnifying Person’s 's election to assume the defense of the such Third Party Claim at any time prior to settlement, compromise or final determination of the claimthereof; and (b) any failure of the Indemnified Person to defend or to participate in the defense of a any such Third Party Claim or to cause the same to be done, shall not relieve the Indemnifying Person of its obligations under this Agreementhereunder.

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement (Gerdau Ameristeel Corp)

Failure of Indemnifying Person to Act. If In the event that the ------------------------------------- Indemnifying Person does not elect to assume the defense of any Third Party Claim, then (a) the Indemnified Person Party shall (upon further notice to the Indemnifying PersonParty) have the right to undertake the defense, compromise or settlement of the such Third Party Claim on behalf of and for the account and risk of the Indemnifying PersonParty, subject to the Indemnifying Person’s Party's election to assume the defense of the such Third Party Claim at any time prior to settlement, compromise or final determination of the claimthereof; and (b) any failure of the Indemnified Person to defend or to participate in the defense of a any such Third Party Claim or to cause the same to be done, shall not relieve the Indemnifying Person of its obligations under this Agreementhereunder.

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement (Agway Inc)

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