Nevada Indemnification Agreement among Financial Security Assurance, ABFS and American Business Credit
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FAQ
Hear this out loud PauseIndemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
An indemnification clause is a legally binding agreement between two parties specifying that one party (the indemnifying party) will compensate the other party (the indemnified party) for any losses or damages that may arise from a particular event or circumstance.
Hear this out loud PauseThis form of a Release Agreement, Indemnity Agreement and Hold Harmless Agreement releases a party from certain specified liabilities. Releases are used to transfer risk from one party to another and protect against the released party or reimburse the released party for damage, injury, or loss.
The main difference in this case is that ?hold harmless? may require a party to protect against actual losses as well as potential losses while indemnification protects against actual losses only. Certain states, including Ohio, Colorado, Louisiana and Delaware, hold that ?indemnify? and ?hold harmless? are synonymous.
Hear this out loud PauseTo indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
Hear this out loud PauseRESOLVED, that the Corporation indemnify and hold harmless INDIVIDUAL/BUSINESS and its successors and assigns from any and all liability arising from CAUSE OF LIABILITY. Said indemnification being upon such terms as are contained in an indemnification agreement annexed hereto.
