What is an Indemnity Agreement Law & Legal Definition
An indemnity agreement is where one party to an agreement or contract agrees to pay the costs and liabilities associated with a certain event. For Example: ______________________________________, _________________________, and _______________________________, individually, in consideration of the transfer of corporate stock in ____________________________________, to _________________________, hereby release and agree to indemnify ____________________________________________ from any and all corporate debts of ______________________________, and from any liability arising out of a personal guaranty thereof. The undersigned, _________________________, and _________________________ hereby agree to assume all responsibility for payment of any existing corporate debt of _______________________________, and to indemnify the said _________________________ from any and all claims or liability arising therefrom.
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