What Is an Indemnification & Maintenance Agreement?
An indemnification and maintenance agreement is used for protecting a person or business against claims or losses caused by work that was done. It is a contract stating both parties' names and clauses explaining indemnification about specific work.
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Definition
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Indemnity is where a person is not held responsible for a claim or loss due to work done. When an indemnification and maintenance agreement is signed, one party agrees not to hold the other party liable for any negative consequences that will arise under the scope of the job completed. These contracts cover maintenance work performed by a company.
Purpose
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Indemnification and maintenance agreements are used for protection purposes. A company performing a job might use these contracts with its subcontractors, stating that a company cannot hold the contractor responsible for work accomplished by the subcontractors. These protect the party who originated the contract.
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Details
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An indemnification and maintenance agreement contains the date and names of both parties involved. It stipulates that the company creating the agreement cannot be held responsible for damages. It is signed by both parties and then notarized.
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