![]() ![]() Basics to Cover in a Hold Harmless Agreement Essentially, an indemnity agreement will protect against potential losses while a hold harmless agreement will protect against both liabilities and losses. On the other hand, an indemnity agreement means that one party is going to insulate another party against those specific losses or damages. Even though they are similar, they are not identical.Ī hold harmless agreement means that an organization or individual cannot be held liable for injuries or damages that the other party might experience in a certain situation. Hold harmless and indemnity agreements are popular tools that can limit the liability of one or more parties that are signing a contract. The Promisee may also be called the Indemnitee or Indemnified Party. The Promisor may also be called the Indemnitor, Indemnifier, or Indemnifying Party. Indemnity: what will be covered under the indemnity.Activity: the contract or agreement between the parties that might give rise to future losses or damages.Promisee: the name and address of the person or corporation receiving the indemnity.Promisor: the name and address of the person or corporation making the promise to indemnify.The Promisor promises to indemnify or hold the Promisee harmless against future claims, losses, or damages related to a particular activity.Ī simple Indemnity Agreement will identify the following essential elements: ![]() Special Considerations for Construction-Related Hold Harmless AgreementsĪ Hold Harmless Agreement (also known as Indemnity Agreement) is a legal document that transfers risk from one party, the Promisee, to another party, the Promisor.How to Write a Hold Harmless (Indemnity) Agreement?.Benefits of Using a Hold Harmless Agreement.Examples of When Hold Harmless Agreements Are Used.Basics to Cover in a Hold Harmless Agreement.It acts as a form of insurance and lets people work together who might otherwise not be able to because of legal liability. A Hold Harmless Agreement template helps protect someone who hired a contractor from liability if they harm themselves while working for them. ![]()
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