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An indemnity agreement provides protection against loss, often required in high-risk activities like skydiving or bungee jumping to shield businesses from liability. It is a signed document between a principal and a surety, outlining that the principal will indemnify the surety if a claim arises. Indemnification restores the surety to its original position, meaning if a surety pays out a claim of $20,000, the principal must repay that amount. Generally, all business owners must sign an indemnity agreement, which may also involve spousal indemnity or require a third-party witness for signatures in certain situations.
