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In this tutorial, Kevin O'Flaherty from O'Flaherty Law discusses indemnification clauses, which can be standalone agreements or part of larger contracts intended to transfer liability risk between parties. When a party agrees to indemnify another, they commit to reimburse for any monetary losses caused by their actions or those of their agents. Common uses for indemnification clauses include independent contractor agreements, where the contractor agrees to indemnify the hiring party against lawsuits resulting from their work. This ensures that the hiring party is protected from potential claims related to the contractor's actions.