CCDC Publishes Bulletins - Part 1
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Bulletin 20 – Part I: Indemnification Agreements and Risk (Liability) Transfer
Indemnification and hold harmless provisions are obligations we see in most contracts. To indemnify means to compensate. An indemnification provision is an obligation by one party to reimburse the financial loss of another party upon the happening of specified types of loss. To hold harmless means to hold another party harmless from financial loss. A hold harmless provision is an obligation to pay the liability on behalf of another party upon the happening of specified types of loss.
