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In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
When the right to hold a person liable through a lawsuit is waived, the waiver may be called an exculpatory clause, liability waiver, legal release, or hold harmless clause. In some cases, parties may sign a "non-waiver" contract which specifies that no rights are waived, particularly if a person's actions may suggest that rights are being waived.
Harmlessness or harmless may also refer to: Legal. Hold harmless, legal term in the contract law concept of indemnity; Harmless error, ...
Not all escrow agreements impose the duties of a legal trustee on the escrow agent, and in many such agreements, escrow agents are held to a mere gross negligence standard and benefit from indemnity and hold harmless provisions. If the escrow agent is licensed by governmental authority, [where?] then much higher legal standards may apply.
An indemnity bond is a specific type of surety bond that's often used in situations where someone is borrowing money. However, you might also be … Continue reading → The post What Is an ...
An acceptance is an agreement, by express act or implied from conduct, to the terms of an offer, including the prescribed manner of acceptance, so that an enforceable contract is formed. [ 2 ] In what is known as a battle of the forms , when the process of offer and acceptance is not followed, it is still possible to have an enforceable ...
A woman in Kentucky surprised her Navy husband with a special military homecoming by gifting him a five-day duck hunting trip in Kansas with his best friends ahead of Christmas.
(The Center Square) — Gov. Jeff Landry announced that the U.S. Small Business Administration has approved an Economic Injury Disaster Declaration to assist businesses impacted by the New Year's ...
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