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An indemnity agreement provides protection against loss, often required in high-risk activities like skydiving and bungee jumping to protect businesses from liability. In surety contexts, it is a signed document between a principal and a surety, stipulating that the principal will indemnify the surety for any claims made. Indemnification involves reimbursing the surety for amounts paid out on claims, such as a $20,000 payout requiring the principal to repay that amount. Typically, business owners must sign an indemnity agreement, and in certain situations, additional parties like a spouse or third-party witness may be required to sign as well.
