An Indemnity Agreement is a contract between two parties where one party agrees to protect the other party from any losses or damages they may incur. This protection is usually provided in exchange for payment, though it can also be an act of good faith. Indemnity Agreements can be used for a variety of different purposes, ranging from protecting business partners to shielding employers from employee liability claims. There are two main types of Indemnity Agreement: General Indemnity Agreements and Specific Indemnity Agreements. General Indemnity Agreements provide broad protection against any losses or damages incurred by a party, while Specific Indemnity Agreements are tailored to a particular situation and provide protection against specific types of losses or damages. Both types of Indemnity Agreement can include provisions for the payment of compensation, indemnification of costs, and reimbursement of expenses.
Indemnity Agreement
Category:
State:
Multi-State
Control #:
US-C-I-9000-1
Format:
Word;
Rich Text
Instant download
Description
An indemnity agreement is a contract that protects 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.‌
An Indemnity Agreement is a contract between two parties where one party agrees to protect the other party from any losses or damages they may incur. This protection is usually provided in exchange for payment, though it can also be an act of good faith. Indemnity Agreements can be used for a variety of different purposes, ranging from protecting business partners to shielding employers from employee liability claims. There are two main types of Indemnity Agreement: General Indemnity Agreements and Specific Indemnity Agreements. General Indemnity Agreements provide broad protection against any losses or damages incurred by a party, while Specific Indemnity Agreements are tailored to a particular situation and provide protection against specific types of losses or damages. Both types of Indemnity Agreement can include provisions for the payment of compensation, indemnification of costs, and reimbursement of expenses.
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