This is a general indemnity agreement between any two individuals or businesses. The agreement seeks to absolve one party from any liability or risk caused by the other party. Put another way, an indemnity agreement governs who pays for damage or loss.
Certain agreements such as a tenancy agreement already include provisions for indemnity – for example, the tenant indemnifies the landlord from costs or damages associated with being harmed on the property. If your contract does not include an indemnity agreement, use a document such as this.
Example: in the case of a real property purchase, if the vendor has caused damage to an exterior wall and then signs an indemnity agreement with the buyer, the buyer is effectively agreeing to carry the risk of the damage to the wall. So the buyer takes on the risk that the property has been damaged structurally (and therefore may fall down) and perhaps that it may fall down on a third party. By using an indemnity agreement such as this, the seller is absolved from any legal claims or damages for loss caused by the damage to the wall.
Indemnity agreements can be used for all kinds of arrangements – from residential property purchases to commercial lets, leisure activities (such as abseiling or parachuting) to intellectual property licences and investments in stocks and shares. This general indemnity agreement is suitable for all these examples and more. |
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Suitable for any arrangement where indemnity is required;
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Suitable for consumers and businesses;
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Written in plain English;
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Explanatory notes to guide you. |
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| Employment documents |
| January 23, 2012 |
| Section 230(2) of the Employment Rights Act 1996 defines the employment agreement as contract of service or apprenticeship. The line of demarcation between contract of service an... read more |
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| Website terms and conditions |
| January 13, 2012 |
| The e-commerce Regulations came into force in August 2002 and incorporated the European E-Commerce Directive into UK law. The principal object of the law is to regulate e-commerc... read more |
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