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An indemnity agreement is a legal document that provides protection against potential losses or liabilities, commonly required in high-risk activities like skydiving. It protects the business from responsibility for certain claims. In the context of surety, the indemnity agreement is between a principal and a surety, stipulating that the principal will compensate the surety if a claim arises. For instance, if a surety pays a $20,000 claim, the principal must indemnify the surety by repaying that amount. Typically, all business owners are required to sign an indemnity agreement, and in some cases, additional parties such as spouses or witnesses may also need to sign.
