Third Party Claim definition
Examples of Third Party Claim in a sentence
The Indemnifying Party shall promptly notify the Indemnified Party in writing of its election to assume the defence of any Third Party Claim.
Notwithstanding the foregoing, the Indemnifying Party shall not have the right to defend or direct the defence of any Third Party Claim that (i) is asserted directly by or on behalf of a Person that is a supplier or customer of the Buyer or its Affiliates, or (ii) seeks an injunction or other equitable relief against the Buyer or its Affiliates.
If the amount of any liability of the Indemnified Party under such Third Party Claim, as finally determined, is less than the amount that was paid by the Indemnifying Party to the Indemnified Party, the Indemnified Party shall, forthwith after the receipt of the difference from the Third Party, pay the amount of such difference, together with any interest thereon paid by the Third Party to the Indemnified Party, to the Indemnifying Party.
In addition, the Indemnifying Party shall post all security required by any court, regulatory body or other authority having jurisdiction, including without limitation, for purposes of enabling the Indemnifying Party to contest any Third Party Claim.
Any Notice of Claim shall specify whether the Claim arises as a result of a claim by a person against the Indemnified Party (a "Third Party Claim") or whether the Claim does not so arise (a "Direct Claim"), and shall also specify with reasonable particularity, to the extent that the information is available, the factual basis for the Claim and the amount of the Claim.