How do you explain an indemnity agreement?

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

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Sample Environmental Indemnity Agreement - Detailed

Montgomery Maryland Sample Environmental Indemnity Agreement - Detailed

Name: Montgomery Maryland Sample Environmental Indemnity Agreement - Detailed
Brand: US Legal Forms
Rating: 4.6 (469 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

Montgomery

Control #:

US-0745-WG

Format:

Instant download

Description

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.

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How to fill out Montgomery Maryland Sample Environmental Indemnity Agreement - Detailed?

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FAQ

An environmental indemnity agreement is a legal agreement between a borrower and a lender that provides security or protection from losses or damage caused by environmental contamination or disaster.

Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.

An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

"Each party agrees to indemnify, defend, and hold harmless the other party from and against any loss, cost, or damage of any kind (including reasonable outside attorneys' fees) to the extent arising out of its breach of this Agreement, and/or its negligence or willful misconduct."

The two parties of the contract will sign the indemnification agreement. This means the indemnitee, or the person/business/company providing the good/service, will sign the document. The indemnifier, or the person/business/company receiving the good/service, will sign the document as well.

An indemnity agreement is a contract that protect 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.200c

To indemnify means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

Example 1: Here is an example of a simple indemnity clause in a contract: "I hereby release, acquit and discharge company and its agents and employees from any liability arising from any circumstance including the negligence of company or its employees.

An indemnity form also limits the person's contractual and delictual liability. This means that a person indemnifies another person from liability by giving up his/her right to sue that person when s/he suffers damages, loses something or gets injured.

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Environmental Liability . Learn the meaning of service-level agreement (SLA) and get details on how SLAs define and enforce service standards such as uptime percentage.As general contractor for a project. Environmental Planning staff, Montgomery County Public Libraries, and the. Bethesda Urban Partnership (BUP). 21. As may be set forth in the New York State Department of Environmental Conservation. (NYSDEC) Permit to Operate the Fulton County Landfill. Application shall be made on such form as the comptroller may prescribe. (e). If an agency or authority shall fail to file or substantially complete, as. The project per contract terms, the Contractor will be responsible for completing the maintenance at their own cost.

Montgomery Maryland Sample Environmental Indemnity Agreement - Detailed

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