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What are the differences in the legal definitions of save harmless hold harmless and indemnify?
There is no substantial difference among the three terms.
What does defend mean in the phrase indemnify defend and hold harmless?
It is a legal term which covers who pays for what in the event of litigation. In a construction contract setting, generally, the owner will require the contractor to indemnify, defend and hold them harmless in the event of a claim attributable to the work. Separately they mean: Indemnify - reimburse costs for defense of the claim Defend - control the defense of the claim Hold Harmless - agreement to not hold the owner liable for costs the contractor incurs as a result of defending the claim
What does it mean to indemnify and hold harmless in a legal context?
To indemnify and hold harmless in a legal context means to protect someone from financial loss or legal responsibility for certain actions or situations. It involves one party agreeing to compensate or protect another party from any damages, liabilities, or costs that may arise from a specific situation or agreement.
What does it mean for you to indemnify an insurance company and hold them harmless?
It refers to your agreement that, if the insurer pays you a sum of money, and there comes along another person or entity that also asserts an entitlement to all or a part of that money, that you will indemnify and hold the insurer harmless from that claim. Indemnity is a legal theory that one will pay, on behalf of another, that which the other party may owe. To hold harmless means essentially the same thing but is often used to extend the obligation to the payment of attorney's fees and attending costs.
What does indemnifies mean?
I believe to indemnify means to hold harmless in the event of a problem. Actually almost the opposite...it means you will be responsible for and pay for the damages or hurt/costs suffered. It normally is used with the above though to become something like "I will hold you harmless and indemnify you for any loss because of...."
Where I can get a hold harmless agreement?
You can obtain a generic Hold Harmless Agreement from many off the shelf Software suites offering legal forms at your local Computer software vendor.
Hold Harmless Agreement?
Get StartedA Hold Harmless Agreement is a legal contract designed to protect one party from liability based on the actions of another party. A Hold Harmless Agreement may be used in a variety of situations, such as when one party is using the property or facilities of another, one party is performing services for another, or one party is participating in an activity hosted by another party. A Hold Harmless Agreement is most commonly used in a business transaction where one party agrees not to hold the other party responsible for any damage or liability that may occur during the transaction.A Hold Harmless Agreement may not be valid if one of the parties performs actions in a negligent or intentionally bad manner, or if one of the parties has committed a fraudulent or criminal act.
What is a hold harmless agreement?
Also called an "indemnification", this type of agreement protects someone from being sued because of what a third person does to the victim. For example, before I let you clean the floors of my office, you will have to indemnify me (hold me harmless) if you negligently leave a dangerous condition that injures a visitor. The visitor sues me, I invoke indemnification, you pay all my legal bills and any damages awarded by the court.
Where can i find a free hold harmless agreement for repossessing cars?
in the sewer
What difference between indemnity and contract and contract of guarantee?
A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent. In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person; while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
What is the difference between contract of indemnity and guarantee?
A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent. In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person; while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
What does indemnity mean in Insurance terms?
Now this is a good question. To indemnify means you agree to pay some one back for a loss incurred that you are responsible for or may not be responsible for. For example if you are a contractor that is required to post a contract performance bond, you must obtain the bond from an insurance carrier that will agree to provide the bond. In the agreement with the bonding company you must agree to indemnify the bonding company losses that occur. Should you fail to complete the job a bond can be called in and be required to finish or pay for someone else to complete the job. the bonding company is required to furnish the money under the contact for your default. Because you agreed to indemnify the bonding company you are required to repay them for for the default. These type of bonds are financial backed by you and all you assets. they will not provide the bond until you have disclosed all assets and often will require cash collateral to help back the bond. IF you are married they normally require the spouse to also sign the indemnity agreement. Be careful with these type of transactions. Also when you sign a written agreement in a contract they often contain an indemnity clause that requires you to hold them harmless and indemnity them for losses they incur due to your operation. These are normally backed by an insurance policy and if it is determined that it is an insured contract the carrier will make payment in you behalf with you not having to repay them. Keep in mind you can agree in an indemnity agreement to indemnity someone else for items that are not covered as an insured contract. in that case you will be required to pay for the loss yourself. This is a very very complex subject and is subject of massive case law. If you are considering a contract with these type of agreements you should seek legal advice from an attorney. LAST WORD Be very careful about these and fully understand what you are signing
