Indemnity Agreement Law and 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.
