Indemnification Hold Harmless Agreement
What is an indemnification hold harmless agreement?
An indemnification hold harmless agreement is a legally binding contract between two parties that outlines the responsibilities and liabilities in the event of a potential dispute or claim. It is a risk management tool that helps protect one party (the indemnitee) from any harm or losses caused by the actions or negligence of the other party (the indemnitor). By signing this agreement, both parties agree to indemnify and hold harmless each other, ensuring that any damages or expenses incurred will be covered by the responsible party.
What are the types of indemnification hold harmless agreements?
There are several types of indemnification hold harmless agreements that can be used depending on the specific situation. Some common types include: 1. Broad Form Indemnity: This type of agreement provides the indemnitee with the maximum protection by requiring the indemnitor to assume all liabilities, even if they are caused by the indemnitee's own negligence. 2. Intermediate Form Indemnity: This agreement places responsibility on the indemnitor for their own negligence or actions, as well as for any partial negligence or actions of the indemnitee. 3. Limited Form Indemnity: This type of agreement limits the indemnitor's responsibility to only the losses or damages caused solely by their own negligence or actions.
How to complete an indemnification hold harmless agreement
Completing an indemnification hold harmless agreement is straightforward and simple. Follow these steps to create a comprehensive agreement:
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