Hold harmless and indemnify are legal terms used in contracts and agreements to allocate the risks and liabilities between two or more parties involved. When one party agrees to hold harmless and indemnify another party, it means they are assuming the responsibility for any damages, losses, or injuries that may occur during the course of the agreement. Hold Harmless Agreement: A hold harmless agreement, also known as an indemnity agreement or a release of liability, is a contractual provision that protects one party from legal claims or actions brought by another party involved in the agreement. It ensures that if any harm or damage occurs, the responsible party will not hold the other party liable or responsible for any resulting losses, expenses, or legal actions. Indemnification Clause: An indemnification clause is a specific provision within a contract or agreement that outlines the responsibilities and obligations of each party in the event of a legal claim or dispute arising due to the agreement. This clause states that one party will indemnify and hold the other party harmless against any costs, damages, or liabilities incurred as a result of the agreement. Types of Hold Harmless and Indemnification Clauses: 1. Broad Form: This type of hold harmless and indemnify clause provides the maximum protection to the indemnity (the party being held harmless) by transferring all liability and responsibility to the indemnity (the party assuming the risk). 2. Intermediate Form: In an intermediate form hold harmless clause, the indemnity takes responsibility for certain acts or omissions but not for all potential claims or damages that may arise. 3. Limited Form: This type of hold harmless clause limits the indemnity's liability only to specific claims, damages, or losses mentioned explicitly in the agreement. 4. Comparative Form: A comparative form indemnification clause allocates liability between the parties based on their respective degrees of fault or negligence. It allows each party to bear responsibility proportional to their contribution to the harm or loss. 5. Mutual Indemnification: In mutual indemnification, both parties agree to indemnify and hold each other harmless against any claims, damages, or losses arising from their actions or omissions. Keywords: hold harmless, indemnify, hold harmless agreement, indemnity agreement, release of liability, indemnification clause, broad form, intermediate form, limited form, comparative form, mutual indemnification, liabilities, risks, legal claims.
Hold Harmless Agreement
Description Hold Harmless Letters Sample
How to fill out Hold Agreement Form?
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