What it means to indemnify someone.

Another contract term you should know. If you are asked to indemnify someone - you should understand what is involved- and for how long! Please watch this before you sign. www.finelyrevealed.com

[@jeffbricks4207]

Awesome how she turned around at the very beginning. LOL

[@FinelyRevealed]

😁

[@forthenextgenerationacts1762]

😂

[@joannatecho1200]

Thanks Michelle, indemnification very well explained.

[@FinelyRevealed]

Great Joan- so happy we could help!

[@wiomarferreira6536]

Great explanation! Thanks.

[@Rica-In-Love]

So helpful! Thank you!

[@guldanakadirmaganbetova492]

Very clear, thanks

[@siobhanmurphy9605]

Great explanation

[@FinelyRevealed]

Thanks Siobhan!

[@mohalabosman7195]

Thank you very much Michelle for your clear explanation of this important term.

[@FinelyRevealed]

+Mohalab Osman You're very welcome.

[@GaiasLullaby]

So this can help you from not getting sued if something goes wrong for the other person?

[@fahadmukhtar1124]

"TRANSFER OF OUTSTANDING AMOUNT AND BALANCE OF DEPOSIT " Please make 1 video on this , thanks.

[@Econman1967]

Thanks for the info! I had a couples question about hold harmless agreements. The insurance broker for my new biz says that I should have a hold harmless agreement for my employees and subs for the work we perform (staffing company providing servers, cooks, and bartenders for parties and events), before they even give me a quote! 1. Is this type of agreement normal in this industry? 2. When drafting such an agreement, what details should it include? Thanks again

[@FinelyRevealed]

Insurance companies like to push risk onto others. That is what they are trying to do here. It is not a question of what is normal in your industry- this is a request that is made in the insurance industry. Ask them to send you a sample of what they are asking you about. Then ask for two quotes- with or without and ask them to explain the difference. Homemade documents are never a good idea...and there is more than one insurance broker or agent.

[@docjonski2257]

Hello Michelle.👋🏼😊 Thank you for this video. I have a question regarding this "Indemnification". I am an owner and ceo of a small start up recruitment/staffing agency based here in the US. We recruit Nurses and Physical Therapists from the Philippines and have them employed by hospitals here in the US. In other words we just recruit these nurses/PTs and the Hospitals employ them (we just act as sort of a recruiter or the ones who refer these nurses/PTs). I just got my first contract from a huge hospital here and it contains an "Indemnification Clause". I think the clause is very vague and can encompass a lot of things. There is a word that I don't feel comfortable with and it is "related to" my company. I am afraid they would let me pay for any lawsuit they may have including if the nurse or pt that I recruited for them messes up and gets a lawsuit that they would let me pat for everything including attorneys fees and compensation for the one who sued the nurse (which can go upwards of millions of $$$). Is this indemnification clause about those things or is it just to protect their hospital from "irregularities from my company"? This is the complete indemnification clause: . Indemnification: Agency X (my company) shall defend and indemnify and hold harmless Hospital Y (my client hospital) and its directors, officers, employees, agents, stockholders, affiliates, subcontractors and customers from and against all allegations, claims, actions, suits, demands, damages, liabilities, obligations, losses, settlements, judgments, costs and expenses (including without limitation attorneys’ fees and costs) which arise out of, relate to or result from any act or omission of Agency X (my company). Please advise me on this. I am excited to sign this contract but I don't want to get into a contract that I would regret. I'm just trying to be cautious, we are just a start up recruitment business and we dont have the money to pay millions of dollars in lawsuit claims that we are not even supposed to. Remember that they will be the employer and not my company. So why do I have to cover their hospital or nurses/pt for their troubles? Or am I misinterpreting this? Either that's what I think it is or it's the other way around and they are just protecting themselves from any wrong doings that my company does which they have nothing to do with? Thank you and God bless you!🙏🏼😇🇺🇸

[@FinelyRevealed]

Hi Docjonski22 - congrats on your company- sounds great! Unfortunately I cannot give you specific advice on your matter - your best bet is to contact a business attorney in your area (you should have one for your company just for these types of questions! ) He or she can read the entire document and be able to tell you. They can also guide you to negotiate on this contract and revise the language so that you are comfortable with it and can make an informed decision on whether or not to sign. That language should coordinate with your insurance coverage so that any possible claim under this contract would then qualify as covered under your insurance for added protection. Talk to the attorney about that section and what language should be added AFTER the "result from any act or omission of Agency X " such as "in the performance of ....." to make it more defined.

[@shaungorham7959]

Tennessee, Perfect.

[@funnyfunkyfalseorfacts]

Can you explain indemnification in regards to GIG WORKERS using apps such as Uber, Grubhub, Postmates, Doordash, etc,.?

[@marialombardi8316]

INDEMNITY: During and after the completion of operations, each party shall defend (at the indemnified party’s election), indemnify and hold harmless the other party from and against any and all third party claims, loss, liability and expenses (including reasonable attorney’s fees) arising or resulting from or in connection with any (a) negligence or misconduct on the part of the indemnifying party or its personnel, contractors, officers or agents within the scope of this Agreement (b) any breach of indemnifying party’s or its personnel’s obligations under this agreement, including any representations, warranties and/or covenants. I don't understand ''at the indemnified party's election''. I am servicing a parking lot for snow. and they want to add this kind of indemnification. What does it mean?

[@FinelyRevealed]

You should ask the party who presented the contract what it means if it cannot be determined from the rest of the contract. Or seek legal help from someone in your jurisdiction- that may relate to a custom or practice. Or cross that part out and initial when you return the agreement.

[@dee780]

Are there courses or schools on how to review contracts. I used to work in P&C for an insurance company now I am working for the contractor side

[@FinelyRevealed]

Hi Dee - Not that I know of but I am creating courses. Would you like one on that?

[@lowqualitymemes9166]

Hi thanks for the video, I had one question, Im leaving my friend’s company/startup, I have agreed transferring my shares to her. And In the leaving contract its written “ The Benificiary(Me) saves Harmless and indemnifies the Trustee(Her) in her capacity as director and shareholder from all costs, claims, demands or damages that may be made or claimed against them in their capacity as director and/or shareholder of the company and acting in accordance with the deed” can you please explain this?

[@FinelyRevealed]

Sorry the general language yes but as to specifics the whole document would need to be reviewed. Would a video on some of the language used be helpful?

[@lowqualitymemes9166]

@@FinelyRevealed Yes that will be wonderful! And also please do keep posting videos as its great for learning and I would love see you being recognised all over :) Asalam alikum ❤️

[@Arnell_Long]

Indemnify Bond For Pay Of Deceased. It says Please Have Bond Notarized. X__________ Principal I'm asking what do I sign under Principal? It was my father who passed away in November.

[@FinelyRevealed]

HI Arnell- can't really tell from this. If you are the one getting funds released and you are requesting that they do that for you and you are agreeing to indemnify them (pay them back if they pay you and you weren't entitled to it) then you would sign your name on the line as the principal. When a document has a place to sign with a label underneath it you need to read the document to see how they describe or define that label. Here it would be the principal. They shoudl give some indication in the beginning of the document by stating either a name or another way to tell who is the 'principal'. So sorry for your loss. I hope this helps you figure it out.

[@nancywalker5131]

I am buying a house and they told me the title company would like for me to sign an indemnity insures what should I look for

[@FinelyRevealed]

That's interesting Nancy- normally it is the owner's affidavit signed by the seller that they seek. The title insurance company is going to use a policy to you as the insured- so if you have any claims later you will go back against them. By asking YOU for an indemnity they are going to try to protect themselves and tell you that you are 'out of luck' on something- better to learn what that is in advance. Do not wait until closing to read the document- ask for it now from the title company (their name and agent number is on the commitment that you should have received) and if you have any questions about it have an attorney review it for you.Congrats on the new house!

[@guangloungamgangmei3886]

would You please explain Discharge of surety from liability?

[@FinelyRevealed]

Hi ting tong - a surety is usually an insurance company that is paid a premium to post a bond. The bond is used for someone to secure performance. If performance is made under the contract terms then the surety is discharged and the bond would be released. If you do what you are supposed to do then the surety is 'let go' from being on standby to step in and perform for you. The surety is like back up protection. Hope that makes sense. If you are reading a contract calling for a surety you need to hire an attorney to protect you.

[@guangloungamgangmei3886]

thanks!

[@TheBebe4ever]

thanks much indeed indemnity liability warranty ...somtimes confusing

[@FinelyRevealed]

Thanks for the feedback Al. More videos coming!

[@TheBebe4ever]

looking forward to watching them soon. have a great day

[@HenryHatob-xf8tm]

so... indemnify means "takes responsibility"?

[@FinelyRevealed]

Hi @Hein Yes- in a nutshell. It means that I will 'back you' financially for claims made against you on the particular subject or transaction or occurrence.

[@zeezee7856]

Not interested without a sit down. My permission is required. You don’t hide my stuff I’m no fool.

[@alleynoah2996]

What in the actual fuck

[@stressfree9780]

I indemnified my cat for any damages she might do to my new racoon...

[@crieverytim]

.....whats all that clicking going on?

[@FinelyRevealed]

HI @ice it is some youtube gremlin- came on later but not sure how.

[@crieverytim]

LOL, was she trying to be funny w that intro??? she's either mad corny and cringey or cute and hysterical!

[@FinelyRevealed]

Hi @Ice - was just some levity - or an attempt!

[@crieverytim]

@@FinelyRevealed loved it!