What is a contract of indemnity?

A contract of indemnity is a contract in which one party agrees to protect another party against any losses incurred due to a specific event. This type of contract is commonly used in New Hampshire, and it is an enforceable agreement between the two parties. Under a contract of indemnity, the indemnity provider agrees to be held responsible for any costs that may be suffered by the other party if a specified event occurs. This could include expenses, such as medical costs, legal fees, or any other losses that may occur. The contract of indemnity can also offer protection against risks, such as product liability, negligence, and breach of warranty. The indemnity provider is usually an insurance company or an organization that is willing to accept responsibility for any costs incurred due to a specified event. The insured party can also be an individual or a business. A contract of indemnity is a great way to protect yourself legally from any unwanted expenses or losses that may arise due to certain events. It also gives you the peace of mind that you will not be held liable for any costs that result. It is important to note, however, that a contract of indemnity is only enforceable if all terms and conditions are met.

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