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.