Contractor Indemnity Agreement
A Contractor Indemnity Agreement is a contract used between a contractor and a contracting party. It is a relatively simple agreement designed for allocating risk between parties.
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Definition
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Indemnity means that a person is held free and clear from charges resulting from claims, losses or damages. With this contract, a contractor is held harmless and indemnified in the event of these types of liability issues.
Purpose
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These agreements allocate risk between a contractor and the company hiring the contractor. A contractor asks the company hiring them to sign a Contractor Indemnity Agreement. Contractors also use these agreements with their subcontractors. Subcontractors are required to sign this agreement so that the contractor is not held responsible for the subcontractor's work.
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Details
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A Contractor Indemnity Agreement states both parties' names along with the nature of the work. It lists the address where the work is performed at as well as the general terms and conditions of the work. It contains an indemnity clause stating the company will not hold the contractor liable for damages or losses. The contract is then signed by both parties.
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