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A hold harmless agreement means you waive rights to collect on claims after signing it, similar to an indemnity agreement where you might pay for claims caused by another party. These agreements can create significant issues for businesses, particularly with indemnity agreements, which can make you liable for damages caused by someone you have a contract with. Such scenarios can become complicated and problematic. Hold harmless agreements are commonly found in vendor contracts, and it's often necessary to negotiate them out unless a mutual indemnity or mutual hold harmless agreement is reached.