This article, written by litigators, is intended to inform drafters of the need for clearly delineated rights to indemnification, on one hand, and fee advancement on the other. It surveys New York’s interpretation of Limited Liability Company Law §420 and identifies considerations for both indemnification and fee advancement.
February 23, 2024 at 10:00 AM
6 minute read
This article, written by litigators, is intended to inform drafters of the need for clearly delineated rights to indemnification, on one hand, and fee advancement on the other.
In the limited liability company (LLC) context, indemnification is an LLC’s contractual obligation to reimburse defense expenses. Fee advancement is an LLC’s contractual obligation to pay incurred litigation expenses, before the right to indemnification is established.
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