An Indemnity Agreement Form is a legally binding promise given by one party to indemnify or release another from any claims, actions, losses or liabilities in respect of a particular event or transaction. In effect, one party agrees to accept the risk of loss or damage on behalf of another.
It can be used in a variety of situations, including:-
Where one party is accepting a sum of money in full and final payment and releases the other party from any other claims, loss or damage;
To indemnify an event holder or venue holder for any loss or damage that may occur at a particular function or event, such as wedding venue, horse riding or bungee jumping;
As a clause within a broader contractual agreement where one party indemnifies the other against any loss or damage suffered;
Where a contractor or consultant is performing work for another;
Insurance contracts, which rely on indemnities to shift the financial responsibility for a particular situation to the insurer.