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An indemnity agreement protects against loss, commonly required in high-risk activities like skydiving or bungee jumping to shield businesses from liability. In terms of surety, it is a signed document between a principal and a surety, where the principal agrees to indemnify the surety if a claim arises. The indemnification process involves the principal compensating the surety for any payouts made, such as repaying $20,000 if a claim is settled for that amount. Most business owners need to sign an indemnity agreement, although sometimes only the top applicant is required to do so. In certain cases, spousal indemnity or third-party witness signatures may also be necessary.
