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An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction.
What is an example of an indemnity?
In an indemnity agreement, one party will agree to offer financial compensation for any potential losses or damages caused by another party, and to take on legal liability for whatever damages were incurred. The most common example of indemnity in the financial sense is an insurance contract.
What is the purpose of an indemnity agreement?
Indemnity Agreement: 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 are indemnity documents?
An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.
What is a receipt release and indemnity agreement?
A release and indemnity agreement, also called an indemnity agreement or a hold harmless agreement, is a legal contract that releases a party from specific liabilities. Essentially, one party in the contract agrees to pay for all potential losses or damages caused by the other party.
It is primarily intended to protect the person who is providing goods or services from being held legally liable for the consequences of actions taken or not taken in providing that service to the person who signs the form.
What is an example of an indemnity letter?
We undertake to indemnify you for giving such indemnity against any loss and consequences arising from such discrepancies as may be required in order to obtain acceptance and/or payment of the said Bill(s) and we agree to indemnify you against any liability, damages, claims, demands, actions and proceedings, loss,
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SAMPLE INDEMNIFICATION PARAGRAPHS
[This is the basic one-way Sponsor indemnity, including liability for claims arising from our performance of our obligations and Sponsors use of the study
A partys duty to defend and indemnify under this section is contingent upon the party seeking indemnity: (i) sending prompt written notice of the Claim to the
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