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.
Maine General Guaranty and Indemnification Agreement
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Multi-State
Control #:
US-00525
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Word;
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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
The contract of indemnity is the contract where one person compensates for the loss of the other. Contract of guarantee is a contract between three people where the third person intervenes to pay the debt if the debtor is at default in paying back.
A surety's undertaking is an original one, by which he becomes primarily liable with the principle debtor, while a guarantor is not a party to the principal obligation and bears only a secondary liability.2 Stated somewhat differently, the distinction between a suretyship and guaranty is that a surety is in the first
When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for damages. Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.
The key differences between guarantees and indemnities include: a 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 general guaranty is a guaranty that is not addressed to specific person and can be enforced by anyone who acts on it. It is a written undertaking that can be enforced by anyone. General guaranty also covers obligation incurred by the guarantor.
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.
The key differences between guarantees and indemnities include: a 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 guarantee is an agreement to meet someone else's agreement to do something usually to make a payment. An indemnity is an agreement to pay for a cost or reimburse a loss incurred by someone else.
The surety is the guarantee of the debts of one party by another. A surety is an organization or person that assumes the responsibility of paying the debt in case the debtor policy defaults or is unable to make the payments. The party that guarantees the debt is referred to as the surety, or as the guarantor.