Initial Hold Harmless (Indemnity) Agreement For Free

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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.
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.
In layman's terms: Indemnify means that the contractor will compensate the upstream party for a loss. Defend means the contractor will provide the upstream party with a legal defense. Hold Harmless means the contractor will relieve the upstream party from liability for a loss.
A Hold Harmless Agreement is a legal agreement that states that one party will not hold another party liable for risk, often physical risk or damage. The Hold Harmless Clause can be one-way (unilateral) or two-way (reciprocal) agreements and can be signed before or after an activity takes place.
transitive verb. To indemnify someone against something bad happening means to promise to protect them, especially financially, if it happens. [formal] They agreed to indemnify the taxpayers against any loss.
An indemnification provision can include payments of actual damages to a third party, defense costs and attorney's fees. One main key to indemnification is that the provision generally does not kick in until money, in the form of a settlement or judgment, is due and owing.
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.
At least one authority claims that hold harmless protects against losses and liabilities, while indemnify protects against losses alone. Yet not all courts agree. Black's Law Dictionary treats the two as near synonyms. And some experts even suggest cutting hold harmless and leaving just indemnify.
An indemnity provision seeks to shift the risk of those third party claims. An indemnity provision does not prevent a claim by the other contracting party. A release, on the other hand, is an agreement that one party to the con- destruction contract will not sue the other party to the construction contract.
It defines hold harmless as follows: To absolve (another party) from any responsibility for damage or other liability arising from the transaction; INDEMNIFY. (It defines indemnify as follows: To reimburse (another) for a loss suffered because of a third party's or one's own act or default.
transitive verb. To indemnify someone against something bad happening means to promise to protect them, especially financially, if it happens. [formal] They agreed to indemnify the taxpayers against any loss.
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