Common use of Notice to Indemnifying Party Clause in Contracts

Notice to Indemnifying Party. To be entitled to such indemnification, the party claiming indemnification ("Indemnified Party") shall give the other party ("Indemnifying Party") prompt written notice of the assertion by a third party of any claim with respect to which the Indemnified Party might bring a claim for indemnification herein, and in all events must have supplied such notice to the Indemnifying Party within the applicable period for defense of such claim. This indemnification shall survive the consummation of the transactions contemplated herein and shall remain in effect for a period of four (4) years after the Closing Date. The remedies provided under this section shall be cumulative and shall not preclude any party from asserting any other rights or seeking any other remedies against any other party hereto. At the option of the Indemnifying Party, sums due under this section may be offset against any sums which may be due the Indemnified Party under Any Other Agreement between them.