Which of the following is also known as a hold harmless agreement?
A hold harmless agreement, sometimes called an indemnification agreement or indemnity clause, is a contractual statement in which one or both parties agree not to hold the other party responsible for damages that occur while doing business.
What is the wording for the hold harmless agreement?
further hereby AGREES TO INDEMNIFY AND HOLD HARMLESS THE RELEASEES from any loss, liability, damage or costs, including court costs and attorneys fees, that may incur due to participation in said activity, WHETHER CAUSED BY NEGLIGENCE OF RELEASEES or
What is another word for hold harmless?
The prevailing interpretation is that hold harmless and indemnify are synonymous. However, under the minority view, hold harmless requires payment of both actual losses and potential liabilities, while indemnify protects against incurred losses only.
Is hold harmless the same as indemnification?
Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
What is an example of an indemnity email?
In consideration of your agreeing to act on our above authorisation, we hereby indemnify and undertake to keep you fully indemnified, at all times against, and to save you harmless from and against all liabilities, claims, demands, actions or proceedings, losses, costs (including legal costs on a full indemnity basis)
How do you write an indemnity agreement?
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. Draft the Indemnification Clause. Outline the Indemnification Period and Scope of Coverage. State the Indemnification Exceptions. Specify How the Indemnitee Notifies the Indemnitor About Claims. Write the Settlement and Consent Clause.
What is the standard indemnity wording?
Each party (the Indemnifying Party) shall indemnify, defend and hold harmless the other party (the Indemnified Party), its affiliates, and its respective officers, directors, employees, agents, and representatives from and against any and all claims, damages, losses, liabilities, judgments, settlements, costs and
What is an example of indemnity?
For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement.
What are the three forms of hold harmless agreements?
In general, there are three different forms of hold harmless or indemnity agreement: limited, intermediate and broad: With a limited form, the contractor (Party A) is held proportionally responsible for their liability for negligence or activities.
