Indemnity Agreement Example

• Category: Contracts - Indemnification
• State: Multi-State
• Control #: US-0745-WG
• Format: Word; Rich Text

Description indemnity agreement example

This is a sample form in which the Indemnitor hereby unconditionally and irrevocably indemnifies and agrees to reimburse, defend, exonerate, pay and hold harmless Lender and its directors, officers, policyholders, shareholders, employees, successors, assigns, agents, contractors, subcontractors, experts, licensees, affiliates, lessees, mortgagees, trustees and invitees, from and against any and all Environmental Damages arising from the presence of Hazardous Materials in, upon, about or beneath the Secured Property or migrating to or from the Secured Property, or arising in any manner whatsoever out of the violation of any Environmental Requirements pertaining to the Secured Property and the activities thereon, or the breach of any warranty or covenant or the inaccuracy of any representation of Indemnitor contained in the Loan Documents pertaining to Hazardous Materials or other environmental matters.

An indemnity agreement, also known as a hold harmless agreement, is a legal contract that outlines the terms and conditions under which one party agrees to compensate and protect another party against losses or damages resulting from a specific event or situation. This type of agreement is commonly used to allocate risk and liability between parties involved in a business transaction or any potentially risky activity. One example of an indemnity agreement is a Contractor Indemnity Agreement. This type of agreement is often used in construction projects, where the contractor agrees to indemnify and hold harmless the property owner or client from any claims, damages, or losses arising from the contractor's work. The contractor assumes the responsibility for any injuries or property damages that may occur during the project. Another example is a Tenant Indemnity Agreement, typically used in lease agreements. In this case, the tenant agrees to indemnify and hold harmless the landlord from any claims, damages, or losses related to the tenant's use of the leased property. This may include damages caused by the tenant's negligence or failure to comply with the terms of the lease. A third example is a Vendor Indemnity Agreement, often used in business contracts when a company engages with a third-party vendor. This agreement states that the vendor will indemnify and hold harmless the company from any claims, liabilities, or losses arising from the vendor's products, services, or actions. It ensures that the company is protected in case the vendor causes any harm or damages. Other types of indemnity agreements include: 1. Professional Indemnity Agreement: This agreement is commonly used by professionals such as doctors, lawyers, or architects to protect themselves against claims arising from their professional services. It ensures that they are financially covered in case they make an error or omission that results in harm to their client. 2. Product Indemnity Agreement: This type of agreement is often used by manufacturers or suppliers to protect themselves from liability claims related to their products. It states that the manufacturer will indemnify the buyer or end user from any losses or damages caused by the product's defects or malfunctions. 3. Shareholder Indemnity Agreement: This agreement is utilized when a company's shareholder or investors agree to indemnify and hold harmless the company from any potential losses or liabilities resulting from their shares or investments. Overall, an indemnity agreement is a vital legal tool that helps mitigate risks and allocate responsibilities between parties involved in various business transactions. It is essential to carefully review and understand the terms and conditions of any indemnity agreement before entering into it to ensure fair and adequate protection for all parties involved.