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RELEASE and INDEMNITY AGREEMENT Danvers Fish and Game Club Form
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People also ask
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What is the difference between a release and indemnity?
A “release” is a discharge of obligations. An “indemnity” is an undertaking or a legally binding promise whereby one party agrees to accept the risk of loss or damage the other party may incur as a result of a transaction or event occurring. Indemnity is a type of security for financial loss or damage.
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What is a release and indemnity agreement?
A release and indemnity agreement, also called an indemnity agreement or a hold harmless agreement, is a legal contract that releases a party from specific liabilities. Essentially, one party in the contract agrees to pay for all potential losses or damages caused by the other party.
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What is the purpose of an indemnity agreement?
Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
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What is an example of an indemnity contract?
For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.
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What happens when you indemnify someone?
To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
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