Question 1

Why is an All-Purpose Deed of Indemnity necessary?

Accepted Answer

The LYD All-purpose Indemnity Deed provides an additional layer of protection to the indemnified party in case of unexpected losses or damages arising from the event or transaction and also clarifies the responsibilities and scope of the respective parties causing no misunderstandings or confusion.

Question 2

Under what circumstances or situations is an All-purposes Deed of Indemnity used?

Accepted Answer

The LYD All-purpose Indemnity Deed can be used in any situation where there is a risk of loss or damage due to any transaction or event.

Some examples include -

A seller may require a buyer to sign an indemnity deed to protect against any claims or losses arising from the sale of a property or business.
A subcontractor may be required to sign an indemnity deed to protect a contractor against any claims or losses arising from the subcontractor's work on the project.
A commercial landlord may require a tenant to sign an indemnity deed to protect against any claims or losses arising from the tenant's use of the property.
A lender may require a borrower to sign an indemnity deed to protect against any losses or damages arising from the borrower's default on the loan.

Question 3

What is the purpose of the All-Purpose Indemnity Deed?

Accepted Answer

The purpose of the indemnity deed is to indemnify the new owner against any losses or damages they may incur due to any claims or issues related to the property or position taken that occurred before they took ownership.

Question 4

How long does this document take to assemble?

Accepted Answer

Depending on the complexity of the data, this document should take approximately 5-10 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

Question 5

Is this document a legal document?

Accepted Answer

All master documents have been signed off by LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LYD platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by LY Legal.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Question 6

Is the document easy to read?

Accepted Answer

All LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.

Question 7

What lawyers sign off on the LYD documents?

Accepted Answer

All LightYear documents are prepared and signed off by LY Legal from Robina, Queensland.

Question 8

Are the LYD documents reviewed regularly?

Accepted Answer

All LYD documents form part of the LYD internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is included on this website.

Question 9

Can I get a sample of this document?

Accepted Answer

Yes, please email support@lyd.com.au to request a sample document for you to review.