Indemnity Agreements are used when one party agrees to protect another against anticipated lawsuits or claims. This agreement sets out the specific action for which the party is indemnified (such as construction of a playground or parking structure) and that all signing parties are bound by the agreement.
Indemnity Agreement
This Indemnity Agreement, entered into on _____________ between _______________, (Party 1) and ________________ (Party 2).
WHEREAS, Party 1 will engaged and participate in the ______________________ (“Event”) at Party 2 location or control.
WHEREAS, Both parties acknowledges that Party 1’s participation in the Event may include
activities that may be hazardous and assumes the risk of injury or harm associated with such
participation.
IN CONSIDERATION THEREOF being permitted to participate in the ______________ (“Event”), each party hereby agrees to the following indemnity provisions set forth below:
1. Party 2 hereby Indemnifies and holds harmless Party1 from and against any and all loss, damage, injury, liability, judgments and claims thereof (collectively, "Losses") arising out of, connected with, incident to, or otherwise directly or indirectly resulting from or related to Party 1’s engagement and participation to the Event.
2. Both parties agrees that in the event that any provision of this Indemnity Agreement is held to be invalid or unenforceable by any court of competent jurisdiction, the invalidity or unenforceability of such provision will not affect the remaining provisions of this Indemnity Agreement, which shall continue to be enforceable.
3. This Indemnity Agreement shall inure to the benefit of the Party 1 and shall be binding upon the parties herein.
The parties herein acknowledge, understand and agree to the foregoing provisions set forth herein.
____________________ _________________
Party 1 Date
____________________ _________________
Party 2 Date
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