Everyone in the business world, or the rest of the world for that matter, knows that any way that you can lessen your liability is a good thing and deserves some consideration. Well, that is just what the Indemnity Agreement is designed to do, protect individuals and business entities from having to pay costly litigation expenses, settlements and judgments. In other words, an Indemnity Agreement is a lot like insurance.
Concisely, an Indemnity Agreement is an agreement that assigns financial responsibility to a party for the things that it covers. It is like a contract that someone else will protect you financially. Thus, if a third party indemnified your business, and then your business is later sued for something covered within the Indemnity Agreement, your business’ costs can be covered by the Third Party.
Though it may seem frivolous, having a solid Indemnity Agreement in place between you, your business, and certain third parties you deal with can save you thousands of dollars in legal expenses. For the same reason that you might carry medical insurance you may want to consider using an Indemnity Agreement, and best of all, it is only a one time fee.
If you feel an Indemnity Agreement may be appropriate for your situation talk to us about it at the Gabriel Law Office, PLLC. We can draft an Indemnity Agreement unique to your situation to make sure that your liabilities are a little more covered. The fact of the matter is, if you can better protect your assets or the assets of your business, it is worth the time to consider whether an Indemnity Agreement can help you so that legal issues are not an issue for you or your business.