Monthly Archives: November 2021

Hold Harmless Agreement Ny Sample

A hold harmless agreement, also known as an indemnity agreement, is a legal contract that transfers the responsibility of any potential loss or damage from one party to another. In New York State, a hold harmless agreement is commonly used in various industries such as construction, real estate, and events planning.

A hold harmless agreement is designed to protect the parties involved in a particular business transaction from any financial or legal liability that may result from a potential loss or damage. The agreement will outline the specific risks involved in the transaction and allocate the responsibility of any potential issues to one of the parties. For example, in a construction project, the owner may require the contractor to sign a hold harmless agreement, which states that the contractor is responsible for any injuries or damages that may occur during the construction process.

In New York State, a hold harmless agreement must be in writing and signed by all parties involved. The agreement should also clearly outline the scope of the indemnification and the limitations of liability.

To help you better understand the structure and language used in a hold harmless agreement in New York State, here is a sample clause:

“Indemnification: [Insert name of the indemnifying party] agrees to indemnify and hold harmless [Insert name of the indemnified party] and its officers, directors, employees and agents (collectively, “Indemnified Parties”) from and against any and all claims, damages, liabilities, losses, costs and expenses (including reasonable attorney fees) (collectively, “Claims”) arising out of or in connection with [Insert description of the basis of indemnification].”

In this sample clause, the indemnifying party agrees to take responsibility for any claims that may arise from the specific situation outlined in the agreement. The indemnified party is granted protection from any associated financial or legal liability.

In conclusion, a hold harmless agreement is a crucial legal document that every business should consider using to protect themselves from potential losses or damages. In New York State, it is essential to ensure that the agreement is in writing, clearly outlines the risks involved and the limitations of liability, and is signed by all parties involved. By doing so, you can safeguard your business and establish trust with your clients or partners.

Us Bank Rewards Card Cardholder Agreement

As a cardholder of the US bank rewards card, it`s important to understand the terms and conditions set forth in the cardholder agreement. This agreement outlines the rights and responsibilities of both the cardholder and the issuer, and failure to comply with these terms could result in penalties or the cancellation of the card.

Rewards programs are a popular feature offered by many credit card issuers, and the US bank rewards card is no exception. As a cardholder, you can earn points on purchases that can be redeemed for cash back, travel, merchandise, or gift cards. However, it`s important to understand the specifics of the rewards program outlined in the cardholder agreement.

For example, the agreement may specify the number of points earned per dollar spent, as well as any restrictions on redemption or expiration dates. Understanding these details can help you maximize the benefits of the rewards program and avoid any disappointment or confusion.

In addition to the rewards program, the cardholder agreement will also outline other important terms and conditions, such as the annual percentage rate (APR) on purchases and balance transfers, fees for late payments or exceeding your credit limit, and the process for disputing fraudulent charges.

As a responsible cardholder, it`s crucial to read and understand the cardholder agreement before signing up for any credit card. This will help you avoid any unpleasant surprises or unexpected charges down the line.

Overall, the US bank rewards card can be a great way to earn rewards on everyday purchases and manage your finances. By understanding the terms and conditions outlined in the cardholder agreement, you can make the most of the rewards program while staying informed and responsible as a cardholder.

Sba Loan Guaranty Agreement

Small Business Administration (SBA) loans can be a great source of funding for small businesses that need capital to grow and thrive. However, before a business can receive an SBA loan, they must first sign a loan guaranty agreement.

The loan guaranty agreement is a legally binding contract between the lender, the borrower, and the SBA. It ensures that the borrower is responsible for repaying the loan, while the SBA acts as a guarantor, providing the lender with a certain level of assurance that the loan will be repaid.

One of the most important aspects of the loan guaranty agreement is the personal guarantee. This requires the borrower to personally guarantee the repayment of the loan. In other words, if the business is unable to repay the loan, the borrower`s personal assets may be at risk.

Additionally, the loan guaranty agreement outlines the terms of the loan, including the interest rate, repayment schedule, and any fees or penalties associated with late payment or default. It is important for borrowers to carefully review the terms of the loan before signing the agreement to ensure that they fully understand their obligations and responsibilities.

In some cases, borrowers may be required to provide collateral for the loan, such as real estate or equipment. The loan guaranty agreement will outline the specific requirements for collateral and what will happen if the borrower defaults on the loan.

It is also important to note that the loan guaranty agreement is a binding legal document and should not be taken lightly. If a borrower is unsure of any of the terms or has questions about the agreement, it is recommended that they seek legal or financial advice before signing.

In conclusion, the loan guaranty agreement is an essential part of the SBA loan process. It protects both the lender and the borrower and ensures that the loan will be repaid according to the agreed-upon terms. Borrowers should carefully review the agreement before signing and seek advice if there is any uncertainty or confusion about the terms.