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A hold harmless agreement is a contract in which one party relinquishes their right to collect on claims against another party. This concept is closely related to indemnity agreements, where one party may end up financially responsible for another's claims or torts. Such agreements can pose significant challenges for businesses, particularly with indemnity agreements that may obligate a party for injuries caused to third parties by someone they are contracted with. It's common to encounter hold harmless clauses in vendor contracts, and businesses often resist them unless a mutual indemnity agreement is achieved, indicating a shared responsibility between parties.
