What is a contract of indemnity?

A contract of indemnity is a legal agreement between two or more parties in which one party agrees to indemnify or reimburse another party for harm or damage caused by some action. In Washington, a contract of indemnity is often used to protect against certain risks and losses. For instance, a business may enter into a contract of indemnity with another business to provide protection against risks and losses related to a transaction. This type of contract will usually state how much compensation the indemnifying party will be responsible for in the event of a loss. Another common use for a contract of indemnity is to protect an individual from being held liable for damages caused by another party. In this instance, the indemnifying party agrees to cover any potential costs or losses that arise from the action of the other party. A contract of indemnity can provide an important layer of protection for individuals and businesses. It is important for companies and individuals to familiarize themselves with the terms and conditions of such a contract before entering into any kind of agreement. Additionally, any contracts of indemnity should be reviewed by an experienced attorney to ensure that the necessary protections are in place.

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What is a contract of indemnity?

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