Indemnity Clauses are significant clause in general day to day business contracts. Eg: A service agreement must include the indemnity clause. This clause functions as a form of security against any losses or damages. An indemnity clause is included in day to day agreements to meet any situation that results in damage during the provision of contract. Mistakes do arise at the time of the contract, which is natural. The indemnity clause states that a business will not be responsible for any liability that is the result of a other party's act during the agreement period. To know more click here.
On the other hand a hold harmless clause is a statement in a legal contract that absolves one or both parties in a contract of legal liability for any injuries or damage suffered by the party signing the contract. This clause is also known as a hold harmless provision. To know more click here.