This form states that the guarantor does covenant and agree to defend, indemnify and hold harmless, absolutely and unconditionally,the seller from and against any and all damages, losses, claims, demands, actions, causes of actions, costs, expenses, liabilities and obligations of any kind whatsoever, including, but not limited to, attorney's fees.
Kentucky General Guaranty and Indemnification Agreement
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Multi-State
Control #:
US-00525
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Word;
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How to fill out General Guaranty And Indemnification Agreement?
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FAQ
An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c
Guaranty Agreement a two-party contract in which the first party agrees to perform in the event that a second party fails to perform. Unlike a surety, a guarantor is only required to perform after the obligee has made every reasonable and legal effort to force the principal's performance.
An indemnity is a contract by one party to keep the other harmless against loss, but a contract of guarantee is a contract to answer for the debt, default or miscarriage of another who is to be primarily liable to the promisee .
The person who gives the guarantee is called the "surety": the person in respect of whose default the guarantee is given is called the "principal debtor", and the person to whom the guarantee is given is called the "creditor".
IN WRITINGWhile the law provides that a guaranty must be written, inventive creditors have sought to impose liability on the verbal "guarantors" by claiming constructive fraud, negligent misrepresentation and piercing the corporate veil theories.
Differences between guarantees and indemnitiesa guarantee is a secondary liability, which means that there will be another person who is primarily liable for the obligation; whereas, an indemnity imposes a primary liability.
A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity. Illustration.
All the three parties to the contract i.e the principal debtor, the creditor, and the surety must agree to make such a contract with the agreement of each other.
Indemnity is when one party promises to compensate the loss occurred to the other party, due to the act of the promisor or any other party. On the other hand, the guarantee is when a person assures the other party that he/she will perform the promise or fulfill the obligation of the third party, in case he/she default.
To have a guarantee and indemnity, you need three parties: Party One, Party Two, and a third party which can be a Guarantor and/or Indemnifier.