An Indemnity Agreement is a legally binding contract between a business, “the indemnitee“, and a secondary party, “the indemnifier“, who promises to protect or reimburse the indemnitee against any personal liability, claim, suit, or damage. Indemnity agreement real estate.
This indemnity agreement will be most beneficial to businesses who need to protect against lawsuits originating from someone else’s negligent behavior, in addition to ensuring compensation for any loss or damage incurred.
Indemnity Agreement Key Terms
This indemnity agreement template will also be suitable for people who:
- Permit a third party to use their property and seek protection against any damage caused by that party
- Parties who hire a third party business to carry out services on their behalf
Applicability of An Indemnity Agreement
A large majority of indemnity agreement templates are used in the area of construction, in which a contractor requires a subcontractor to sign an agreement in the event that injury occurs on the job.
As a general rule, any form of subcontracting of services should include an indemnity agreement to ensure the subcontractor is held responsible for damage resulting from his/her own negligence, in addition to liability for any losses incurred. Indemnity agreement pdf.
Employee use cases
Because workers’ compensation covers workplace injuries, indemnity agreements or provisions are rarely included in employment agreements. However, it is more common to find indemnity agreements in severance agreements in which an employee is receiving money in return for a release of a claim. Indemnity agreement construction.
Business-to-consumer use case
To the extent that a business offers potentially dangerous activities, such as skydiving, skiing, or even rides at an amusement park, customers will be asked to sign an indemnity agreement so that the business can mitigate the financial burden in the event that an accident were to occur on the property. Additionally, car rental services or companies also require that the clients sign indemnity agreements to protect against lawsuits for car accidents.
Product ID: 23922AO90
⇒ Revisions Approved
⇒ Plain English & Easy Editing
⇒ Guidance Notes Included
⇒ Money Back Guarantee
⇒ Length: 4 pages (min.)
⇒ Last Revision: 28 August 2020
⇒ Format: MS Word (.DOCX)
⇒ Rev. Number: 13878271
⇒ Product ID: 23922AO90
Indemnity Agreement, Indemnity Agreement Template