How Do I Assign Liability for an Event to My Company?
Full Question:
I run an event production company (an LLC) that is renting a residential property and holding a concert there. I am looking to add something to our rental agreement that will ensure that our company is 100% liable for any legal procedings during the rental period.
07/27/2010 |
Category: Contracts ยป Indemnity |
State: Vermont |
#22756
Answer:
A hold harmless agreement is one in which one person agrees to assume the liability and risk that may arise from the obligation, and protects and indemnifies the other party against having to bear any loss. It may be used along with an acknowledgement of risk form. An indemnification or hold harmless clause may be included so the other party to the contract is reimbursed against loss or damage. A waiver or release gives up a right, such as releasing one from his/her liability for harm or damage that may occur from performing under a contract, or participating in an activity. It is generally not effective to protect a person from liability for intentional acts or gross negligence.
