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What is the purpose of a hold harmless clause?

hold harmless clause. A provision in an agreement under which one or both parties agree not to hold the other party responsible for any loss, damage, or legal liability. In effect, this clause indemnifies the parties on a unilateral or reciprocal basis (as the case may be).

What does hold harmless mean in real estate?

A Hold-Harmless Agreement (also known as an Indemnity Agreement) allows one party to protect another party against any future losses or claims that may result from a particular activity.

What's a hold harmless agreement?

A hold harmless agreement is a clause typically included in construction contracts to release one party from consequences or liabilities due to the act of the other. A hold harmless agreement clause in a contract document should have specific language to protect the contractor or the intended parties.

How do I fill out a hold harmless agreement?

The date of the agreement. The name of the person held harmless or protected, with their address. The name of the other party to the agreement, with their address. Details about the activity or event the agreement is about, such as horseback riding or country club membership.

How do you write a hold harmless agreement?

The person or party to be held harmless, including the name of the person signing the agreement. The person or party providing protection. The type of protection being provided. A time frame.

Is a hold harmless agreement the same as waiver of subrogation?

Furthermore, a hold harmless clause, like an indemnity clause, also involves a waiver of the insurer's right of subrogation which is an issue often overlooked when parties agree to accept risks under such clauses.

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