Indemnification Agreement for Personal Property
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FAQ
It's still your business decision whether you sign them or not, but you should do so only where it is a critical contract that you have no way of modifying or negotiating changes. In contrast, the best kind of Indemnity Agreement is commonly called a Mutual Indemnity Agreement or a Mutual Hold Harmless Provision.
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.
With a real estate indemnity agreement, one party is pledging to protect another from any kind of financial loss or from a lawsuit of some kind.With a real estate indemnity agreement, one party, usually the buyer, agrees to take full responsibility for a mistake or a problem caused by the other.
Transitive verb. 1 : to secure against hurt, loss, or damage. 2 : to make compensation to for incurred hurt, loss, or damage. Other Words from indemnify Synonyms Choose the Right Synonym Example Sentences Learn More about indemnify.
Generally (but not always), California courts agree to provide indemnity for own negligence if the parties use sufficiently specific and explicit language that is strictly construed against the indemnitee.
Just as a limit of liability would not restrict an obligation to develop software or any other obligation to perform it does not restrict obligations to perform an indemnity. The indemnitor must spend whatever is necessary to defend the indemnified claim, to settle the case, and/or to cover judgments.
"Indemnify" and "hold harmless" both mean pretty much the same thing: to make the injured party whole again.In California, you have the option to choose if you are the indemnifying party to choose to defend yourself.
Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.
