Whether it's a place of employment or lending a car to somebody, you can use an Indemnity Agreement to protect yourself or your company from being liable for things outside of your control.
Also known as the Hold Harmless Agreement, the Indemnity Agreement is used to indemnity against the indemnifier's actions. For one, an employer may require all employees to sign an Indemnity Agreement to disavow any liabilities from the employees' activities.
However, it is essential to note that one party cannot use the Indemnity Agreement to cover up negligence on behalf of the indemnitee. If an employer is to supply faulty equipment, an Indemnity Agreement will not hold up as it would likely be adjudicated invalid.
Depending on your state, an Indemnity Agreement may also be known as:
Companies hiring independent contractors are known to make heavy use of Indemnity Agreements. In your personal life, if you are to lend your property to someone else, executing an Indemnity Agreement ensures that the other person alone is liable if your property is used or operated in such a way as to cause harm to others.
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Indemnity Agreements might be standard in the business world, but you can rely on 360 Legal Forms if you have never created one.
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The indemnitee and indemnifier sign the Indemnity Agreement in the presence of a witness whose name and signatures are noted. Notarization is not required, though you may want to confirm with your state or county.
After generating your Indemnity Agreement on 360 Legal Forms, print out a copy and follow the signature requirements outlined above. Distribute a copy to all parties involved.
Indemnity Agreements are categorized according to the extent. The broad indemnity is the most extensive where the indemnifier assumes absolute risk and responsibility. The intermediate indemnity, also the most common, absolves the indemnifier of liabilities in the event that the indemnitee is solely to blame. Finally, the limited indemnity is the least secure for the indemnitee.
Technically, yes. But the best practice is to ask someone who has no interest in the arrangement, perhaps even someone who only has a passing knowledge of the nature of the agreement. The person only has to confirm that both parties are entering into the agreement willingly without duress or deception.
First, the Indemnity Agreement as to be drafted in accordance with state and county laws. An Indemnity Agreement is considered valid if entered into willingly and free of duress or coercion. The only exception is if the indemnitee was negligent to a fault, as an Indemnity Agreement could still be declared invalid.
Indemnity Agreements are applicable in one’s personal life too, besides the more common business or transactional application. Before you allow someone to stay at your home, for example, you can use such an agreement to protect yourself against liabilities, such as if your guest or your guest’s guest is to sustain an injury in your home.
In most cases, it is unnecessary to involve an attorney. However, there are instances where the expertise of an attorney might come in handy, such as if the liability is of a consequential nature.
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