What Is A Hold Harmless?

In this video we will be briefly explaining Hold Harmless Language, what it is, and what it does! HOLD HARMLESS language (aka indemnity language) transfers the obligations from one party to another to absolve one or both from liability that may arise from services, work, and/or the nature of the contract. Basically, it says that one or multiple parties are blameless and will not be held liable. It is a statement that can be added to a contract when the service being retained involves risks that the business does not want to be held responsible for legally or financially. Hold harmless clauses can be unilateral, where one party agrees not to hold another party liable for injuries or damages, OR it can go both ways so BOTH parties agree not to hold each other liable. If you agree to sign a hold harmless agreement you are accepting responsibility for certain risks involved in a job or service. When preparing to hold harmless language, be sure to review and include: • Name of Indemnified Party to be Held Harmless • Name of Indemnitor, the Party Offering Protection • Category of Protection Provided • Date Range Wherein Agreement Is Active Beware: The actual hold harmless language that is added to the contract is extremely important and it should be discussed with your risk management team and your legal counsel. Thanks for watching! WEBSITE: https://www.businesscredentialingserv... Linkedin:   / about   More about our company: BCS is the only company that successfully handles the entire process of collecting, reviewing and correcting proofs of insurance from your vendors, tenants, contractors, borrowers, etc. Our unique blend of software and dedicated insurance analysts gives you a solution to meaningfully reduce your risk exposure and prevent financial losses by actively correcting insurance documentation. Timecodes: 0:00 - Intro 0:23 - HOLD HARMLESS definition 1:20 - Include the language 1:41 - Beware 1:50 - Conclusion