This form states that in order to obtain a compromise settlement and as a further inducement to the referred to parties to make the same, the natural parents and next friends of the minor, individually release and forever discharge the parties from any and all liability to them on account of the injuries and damages sustained by the minor in an accident.
Maine Release and Indemnity Agreement for Settlement
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State:
Multi-State
Control #:
US-61070
Format:
Word;
Rich Text
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How to fill out Release And Indemnity Agreement For Settlement?
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FAQ
To pay or promise to pay someone an amount of money if they suffer damage or loss: indemnify someone against something In return for a premium, the underwriter agrees to indemnify the insured against losses covered by the insurance.
Indemnification clauses or provisions are extremely strong agreements because one party renounces their legal privilege to sue another party. Most indemnification clauses will only apply one way- that is, only one party gives up their freedom to sue the other.
?To indemnify? means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
A settlement and mutual release agreement is a contract where both parties agree to settle the dispute and release each other from all future claims, even claims that aren't yet known at the time of signing.
To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
A release and indemnity agreement, also called an indemnity agreement or a hold harmless agreement, is a legal contract that releases a party from specific liabilities. Essentially, one party in the contract agrees to pay for all potential losses or damages caused by the other party.
This form of a Release Agreement, Indemnity Agreement and Hold Harmless Agreement releases a party from certain specified liabilities. Releases are used to transfer risk from one party to another and protect against the released party or reimburse the released party for damage, injury, or loss.
Indemnification is a legal agreement by one party to hold another party blameless ? not liable ? for potential losses or damages. It is similar to a liability waiver but is usually more specific, applicable only to particular items, circumstances, or situations, or in regard to a particular contract.