An agreement in which one party attempts to shift responsibility for economic loss or potential liability.
An agreement by which one party agrees to repay another for any loss or damage the latter may suffer.
is a written undertaking whereby the exporter agrees to reimburse the bank or surety company, which issued the bond, if they have to pay because the exporter defaulted on the contract. Exporters need to sign such an agreement for EDC's benefit before we issue Bid or Performance Security Guarantee coverage to your bank or if we use our fronting agreements.
An indemnity agreement is a contract between two parties in which one party agrees to assume (indemnify) all liability & risk in the case of a third party filing a claim or other action against the protected (indemnified) party.
Agreement stating that Party A will reimburse Party B for any possible damage or loss suffered by Party B.
An agreement to compensate another Party for a potential loss. A “Hold-Harmless” agreement.
A policy clause that provides that the Insured will be restored to the financial condition it would have been in had no loss occurred.
Is a written undertaking whereby the contractor agrees to reimburse the bonding company, which issued the bond, if they have to pay because the contractor defaulted on the contract.
An agreement by the maker of the document to repay the addressee of the agreement up to the limit stated for any loss due to the contingency stated on the agreement.
An agreement relieving a person of an obligation to compensate for a potential loss. A hold harmless agreement.