Hold Harmless Agreements are more formally known as Indemnity Agreements, where an Indemnity represents a type of security or protection for one person or organization against financial and other liabilities.
This type of contract is quite common in business and private lives. A Hold Harmless Agreement is often required of an employer and employee relationship where it serves to protect the employer against damage claims on the part of the employees.
A Hold Harmless Agreement protects the indemnitee from being responsible in a particular situation. Often expected in the workplace, you can also use it in other instances. For instance, a landlord may insist on executing a Hold Harmless Agreement before allowing a tenant to move in before the start of the lease agreement.
Businesses working with heavy-duty and hazardous equipment or activities might also use Hold Harmless Agreements to protect against potential liabilities.
Depending on your state, Hold Harmless Agreement may also be known as:
Any two parties entering into an agreement where one party could become liable benefit from a Hold Harmless Agreement. Employers and landlords often insist on such an arrangement.
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The Hold Harmless Agreement should adhere to state law, first and foremost. To ensure these laws are met, it helps to have a proven template.
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Both the indemnitee and indemnifier must sign the Hold Harmless Agreement in the presence of a witness to make it legally binding. Notarization is usually not necessary.
After generating your Hold Harmless Agreement on 360 Legal Forms, print out a copy and have both parties sign it in the presence of a witness. There is no need to file it with the court or any other body. Distribute a physical copy of the contract to the indemnitee and the indemnifier.
The Waiver of Liability is the forfeiture of liability claims from one party to the other. In contrast, the Hold Harmless Agreement has the sole purpose of protecting one party against potential liabilities. It involves two or more parties in the agreement, as opposed to one person signing a waiver.
The witness can be any person above 18 years of age. However, the standard practice is to use a witness who does not hold any stake in the agreement. The witness does not have to know anything about the terms of the agreement but rather just bear witness to the signatures.
First, the Hold Harmless Agreement has to be drafted in accordance with state and county laws. A Hold Harmless 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 a Hold Harmless Agreement could still be declared invalid.
Hold Harmless 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.
The best practice is to negotiate terms that are agreeable to all parties involved. If the agreement is too broad or refined, that could mean that the language of the contract favors one party at the expense of the other.
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