by indemnity or undertaking

English translation: by guarantee or agreement

15:02 Mar 2, 2008
English language (monolingual) [PRO]
Law/Patents - Law (general) / memorandum of association
English term or phrase: by indemnity or undertaking
Could someone please explain this term?

Context:
"The objects for which the Company is established are: To guarantee, support or secure, whether by personal covenant (including any indemnity) or by mortgaging or charging all or any part of the undertaking, property and assets (both present and future) and uncalled capital of the Company, or ***by indemnity or undertaking***, or by any one or more of such methods, the performance of the obligations of, and the repayment or payment of the principal amounts of and premiums, interest and dividends on any securities of, indebtedness or obligation of any person, firm or company including (without prejudice to the generality of the foregoing) any company which is for the time being the Company’s holding company or subsidiary as defined by section 155 of the Companies Act, 1963, or another subsidiary as defined by the said section of the Company’s holding company or otherwise associated with the Company in business."
Bjørnar Magnussen
Local time: 09:56
Selected answer:by guarantee or agreement
Explanation:
So! The Objects Clause in this Company's Memorandum of Association, seems to cover (in an incredibly obtuse way!)....

The providing of backing within the group (holding or subsidiary) in one way or another...guarantee, agreement, whatever it takes.................
Selected response from:

Jack Dunwell
France
Local time: 09:56
Grading comment
It's really hard to choose between these answers, so I pick this one on the basis of number of agreements. Thanks to all!!
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
3 +2by guarantee or agreement
Jack Dunwell
4by issuing an indemnity document or by committing or binding itself to......
Nelida Kreer
4by making a payment or legally enforceable promise to pay
urbom
3by a corresponding written legally-enforceable document
AKhram


  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
by a corresponding written legally-enforceable document


Explanation:
Undertaking - legally enforceable written promise

Indemnity - A document in which one party agrees to take responsibility for the losses and damages suffered by another party or parties

AKhram
Local time: 11:56
Native speaker of: Native in RussianRussian
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2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
by guarantee or agreement


Explanation:
So! The Objects Clause in this Company's Memorandum of Association, seems to cover (in an incredibly obtuse way!)....

The providing of backing within the group (holding or subsidiary) in one way or another...guarantee, agreement, whatever it takes.................

Jack Dunwell
France
Local time: 09:56
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Grading comment
It's really hard to choose between these answers, so I pick this one on the basis of number of agreements. Thanks to all!!

Peer comments on this answer (and responses from the answerer)
agree  orientalhorizon: An 'indemnity' is just a primary obligation guarantee while an 'undertaking' is just a promise or guarantee for performing certain obligations or an agreement to be answerable therefor.
8 hrs
  -> tks Orientalhorizon

agree  ADELLEBJ: by guarantee or commitment. It's in response to "by mortgaging or charging..."
3 days 23 hrs
  -> Thanks Adellebj
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6 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
by issuing an indemnity document or by committing or binding itself to......


Explanation:
The Company here is guaranteeing [in an entangled as possible legalese] to perform obligations etc., by any of the methods mentioned which include, among others, issuing documents of indemnity of agreements whereby it is committing itself, or binding itself, to honor such obligations as.....

I believe this is the gist of the convoluted paragraph. Hope I have somewhat contributed to clear up the issue and not helped to further muddle it....

Nelida Kreer
Local time: 04:56
Specializes in field
Native speaker of: Spanish
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16 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
by making a payment or legally enforceable promise to pay


Explanation:
indemnity = a payment (or guarantee to pay) for loss or damage

undertaking = a legally enforceable promise to do something (usually pay for something)







    Reference: http://dictionary.lp.findlaw.com
    Reference: http://www.hmcourts-service.gov.uk/infoabout/glossary/legal....
urbom
United Kingdom
Local time: 08:56
Specializes in field
Native speaker of: Native in EnglishEnglish
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