In simple terms, an indemnity form means:

  • A party of the contract is protected
  • From the losses, damages risks, liabilities, vulnerabilities, etc
  • Created by the other party

Here a couple of examples to get a better idea of when indemnity forms are used:

  • Renting an expensive asset (e.g. a car, equipment, etc)
  • Renting a property
  • In insurance
  • Basically, anytime a party wants to be protected from the burden of loss

Indemnity forms can also be called:

  1. Releases of liability
  2. Waivers of liability
  3. Hold-harmless agreements
  4. No-fault agreements
  5. Indemnity agreement
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