When entering into any sort of agreement, it`s important to ensure that both parties involved are protected. One common way to do this is through a hold harmless agreement. A hold harmless agreement is a legal contract that can protect you from any liability or damages that may arise from a particular activity or event. In this article, we will provide a basic hold harmless agreement sample that can be used as a starting point for your own contract.
What is a Hold Harmless Agreement?
A hold harmless agreement, also known as an indemnification agreement, is a legal contract between two parties where one party agrees to assume liability for any potential damages or losses that may arise from a specific activity or event. The party that is being protected by the agreement is sometimes referred to as the „indemnity holder,” while the party assuming responsibility is called the „indemnitor.”
This type of agreement is commonly used in situations where one party is engaging in a potentially risky activity or event, such as construction work, or where one party may be held liable for the actions of another party, such as when a subcontractor is hired for a project.
Basic Hold Harmless Agreement Sample
Here is a basic hold harmless agreement sample that can be used as a starting point for your own contract:
Hold Harmless Agreement
This Hold Harmless Agreement (the „Agreement”) is made and entered into on [date] by and between [Name of Indemnitor], residing at [address] (the „Indemnitor”) and [Name of Indemnity Holder], residing at [address] (the „Indemnity Holder”). The Indemnitor and the Indemnity Holder agree to the following terms and conditions:
The Indemnitor hereby agrees to indemnify and hold harmless the Indemnity Holder from any and all claims, liabilities, damages, losses, costs, and expenses (including reasonable attorney`s fees and costs) that may arise from the Indemnitor`s involvement in [activity or event].
2. Limitation of Liability
The Indemnitor`s liability under this Agreement shall be limited to the extent of the damages caused by its own negligence or willful misconduct. The Indemnitor shall not be liable for any damages arising from the Indemnity Holder`s own negligence or willful misconduct.
3. Waiver of Subrogation
The Indemnitor hereby waives any right it may have to subrogate or seek reimbursement from the Indemnity Holder for any payments made under this Agreement.
4. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the state of [state] without giving effect to its conflict of laws provisions.
5. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements between the parties.
This Agreement may not be amended or modified except in writing and signed by both parties.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
[Name of Indemnitor]
[Name of Indemnity Holder]
A hold harmless agreement is an important legal document that can protect you from potential liability or damages. This basic hold harmless agreement sample can be used as a template for your own contract, but it`s important to consult with a lawyer to ensure that your agreement meets all legal requirements and provides the necessary protection for your specific situation.