Common use of Indemnification Notice Clause in Contracts

Indemnification Notice. At any time after the Indemnified Party becomes aware of any actual or potential Loss being incurred or suffered by the Indemnified Party as a result of the occurrence of an event which is the subject of indemnification by the Indemnifying Party in its favour under this Agreement (including if such event involves a Third Party Claim (defined below)) (an “Indemnity Claim”), the Indemnified Party must give a notice in writing to the Indemnifying Party (“Indemnification Notice”). It is clarified that the Indemnified Party may issue one or more Indemnification Notice required under this Agreement on behalf of itself and other Indemnified Parties. An Indemnification Notice must describe the event giving rise to the proposed claim and the proposed claim in reasonably sufficient detail to put the Indemnifying Party fairly on notice of the matter in question and the likely monetary quantum of the Loss (to the extent the Indemnified Party can reasonably determine that amount at the relevant time the Indemnification Notice is given).