Indemnity Agreement Sample India

23. September 2021

Before hiring a contractor, a construction company may require contractors to sign a compensation agreement to protect against claims in the event of a contractor`s fault. (Learn more about the 3 types of indemnification clauses in the construction sector) Car rental companies often have drivers sign a compensation agreement before driving the car off the property. The aim is to protect against complaints in the event of an accident by the driver in the rental car. A compensation agreement is a legally enforceable document that grants one party immunity from the effects of the other party`s actions. It is an agreement that prevents a party from using resources to make a mistake that is not its own. It effectively compensates for any loss suffered by a party as a result of the negligence or fault of another party.