What is the difference between hold harmless and indemnity clauses?
An example of an AI chatbot conversation about hold harmless vs indemnity clauses.
What is the difference between hold harmless and indemnity clauses?
Hold harmless clauses protect one party from liability, while indemnity clauses require one party to compensate another for losses.
Can you give me an example of each?
Sure! A hold harmless clause might state that a contractor won't hold the property owner liable for accidents. An indemnity clause could require a contractor to reimburse the owner for any damages caused during the project.
Are these clauses commonly used in contracts?
Yes, both clauses are commonly used in contracts, especially in construction, real estate, and service agreements to manage risk.
What should I consider when drafting these clauses?
Consider the scope of liability, the specific risks involved, and ensure clarity in language to avoid misunderstandings.
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