California Owner's Affidavit and Indemnity
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FAQ
The Indemnity bonds promise financial compensation in case there is any breach of contract due to any illegal activities. The primary purpose of drawing an Indemnity bond is to safeguard either of the parties from the promised loss.
What is a Letter of Indemnity (LOI)? A Letter of Indemnity (LOI) is a legally binding document that guarantees that certain conditions will be met in an agreement between two parties.
All affidavits must be sworn to be true under oath and, ing to California law, this means you must have a notary public?or other agent certified by the state to administer oaths, such as a judge?execute the affidavit.
An indemnity is an agreement to pay for a loss incurred by another. By giving this indemnity you agree to pay the Bank for any loss it incurs in connection with this Guarantee including any loss suffered by the Bank where it cannot enforce the Borrower's Obligations or if you breach a term of this Guarantee.
An affidavit and indemnity agreement is a legal contract that is created when someone, such as an individual or business owner, needs to use another person's documents for their own purposes.
The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party.