What Is An Indemnification Agreement
It is somewhat similar to a liability waiver but may be more specific.
What is an indemnification agreement. Indemnity is one s duty to make good the liabilities damages or losses that are incurred by another party. An indemnity agreement sometimes called a hold harmless agreement can be a contract or a section of a contract. An indemnity agreement is a contract that holds a business or company harmless for any burden loss or damage. In an indemnity agreement one party the indemnitor agrees to indemnify the other party the indemnitee for things spelled out in the indemnity clause.
To indemnify someone means to compensate him. This generally involves shifting the risk from one party to the other. An indemnity agreement also ensures proper compensation is available for such loss or damage. In these cases an indemnity agreement is contract language that indemnifies holds harmless one of the parties in a contract for specific actions that might cause damage to the other party.
It also implies a release from responsibility. In the case of skydiving these would be the parties involved in an indemnity agreement. Usually only one party indemnifies the other party. An indemnification contract clause is an agreement of one party to assume the liability in the event of a loss.
When you sign an indemnification agreement to rent a car you are agreeing not to sue the renter for damage that happens to you because of the rental. Parties of an indemnity agreement. Therefore an indemnification agreement involves a promise of compensation.
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