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Mastering French: Hear It, Speak It, Write It, Read It Indemnity is a contractual obligation of one party (indemnifier) to compensate the loss occurred to the other party (
indemnity holder) due to the act of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "
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Hold Harmless Agreement is a legal
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Hold Harmless (Indemnity) Agreement to transfer risk from one … A provision in an
agreement under which one or both parties agree not to
hold the other party responsible for any loss, damage, or legal liability.In effect, this clause indemnifies the parties on a unilateral or reciprocal basis (as the case may be). See also indemnity clause. Free
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hold harmless agreement is commonly used in a variety of business transactions. They are frequently used to limit liability between contractors and construction companies, for example, as well as among product manufacturers, retailers, and distributors.
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