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Indemnification is a concept whereby one party contractually agrees or is otherwise legally obligated to bear the financial risks of another party. These parties are respectively known as the indemnitor and indemnitee. The construction industry relies on indemnification clauses to manage and transfer risk.
Simply put, being an independent contractor is one way to be self-employed. Being self-employed means that you earn money but don't work as an employee for someone else.
A person can attempt to be indemnified (held harmless) for doing their duty or acting within the scope of their job.
Every independent contractor agreement should feature an indemnity clause. The purpose of this clause is to ensure that the independent contractor will be held liable for any damage or injury resulting from the independent contractor's work performed under the contract.
Remember that an independent contractor is considered to be self-employed, so in effect, you are running your own one-person business. Any income that you earn as an independent contractor must be reported on Schedule C. You'll then pay income taxes on the total profit.
Traditionally, an Interconnection Agreement (ICA) is a regulated contract between telecommunications carriers for the purpose of interconnecting their networks and passing traffic on the PSTN.
1. PURPOSE. To establish a legal contract between the college and individuals who provide a service to the college and to determine whether an individual is an independent contractor or an employee based on Internal Revenue Service criteria.
Doing Work as an Independent Contractor: How to Protect Yourself and Price Your ServicesProtect your social security number.Have a clearly defined scope of work and contract in place with clients.Get general/professional liability insurance.Consider incorporating or creating a limited liability company (LLC).More items...?
An ICA file is an Independent Computing Architecture (ICA) file used by Citrix application servers. It contains configuration information for connecting to different servers and may link to a published application or to a server desktop environment.
The general rule regarding independent contractors states that a person who hires an independent contractor cannot be held vicariously liable for the wrongdoing of the independent contractor. (NYPRAC-TORTS § ).