Another example of industry indemnification came in an email this week:
I went on a quick dig at the Denton County Courthouse today & wanted to share some language in this sale from 2007. The Assignors are Gulftex Gathering, L.P., a Texas Limited Partnership & Gaedeke Gulftex Gathering, L.L.C., a Texas Limited Liability Company. The Assignors are Timothy P Burroughs and C David York, [is that Mr. Good Guy?] members of the partner Gulftex Pipeline, LLC. The Assignee is Glen Lickstein Vice President Gaedeke Gulftex Gathering, L.L.C., Gaedeke Bartonville Pipeline, Ltd., Gaedeke Management, Inc. Page 3, paragraph 3 reads:
“Assignor shall be responsible for and will indemnify, defend, and hold Assignee harmless from all losses, costs, expenses, claims, demands, and liabilities relating to any contaminating events and the resulting environmental condition of the Pipeline and the Rights-Of-Way upon which the same is located for the period prior to the Effective Date. Assignee shall be responsible for, and will defend, indemnify, and hold Assignor harmless from all loss, cost, expenses, claims, demands, and liabilities relating to any contaminating events and the resulting environmental condition of the Pipeline, the Rights-Of-Way and any other property for the period on or after the Effective Date.”
Shit happens in pipelines too.
Indemnify me part 1: