Get Affidavit Of 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.

An affidavit is a statement-on-oath stating that all the statements made are true and correct to the knowledge and no material information has been concealed. Whereas an Indemnity Bond is an undertaking providing a surety that the party shall be compensated monetarily in event of the breach of the contract.

An affidavit and indemnity agreement is a legal contract that is created when someone, such as an individual or business owner, needs to use another person's documents for their own purposes.

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.‌

You should sign an indemnity agreement when there is a high degree of likelihood that you could incur third-party risk in a transaction. For example , when you run a construction company, you likely hire contractors that represent they complete work to specific standards – standards that you are happy with.

Indemnity is defined by statute in California as “a contract by which one engages to save another from a legal consequence of the conduct of one of the parties, or of some other person.”[1] In other words, one party (known as the indemnitor) agrees to be responsible for certain liabilities of another party (known as ...

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.