To understand what an indemnity agreement is we first need to understand what indemnity means. Indemnity is basically just protection against a loss. Many high risk activities like skydiving and bungee jumping require you to sign an indemnity agreement. This is so that the business is protected from liability. When it comes to surety an indemnity agreement is a signed document between a principal and a surety, it states that the principal will indemnify the surety should a claim occur. Indemnification is the process to make whole again. For example, if a surety pays out on a claim $20,000 the principal would need to identify the surety by repaying them $20,000. Generally, all business owners will need to sign an indemnity agreement.
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About Hdb Indemnity Form
HDB Indemnity Form is a legal document that acts as a guarantee for the Housing and Development Board (HDB) against any loss or damage incurred due to a breach of lease agreement or any other related issues. This form is required when a person wishes to transfer their ownership of an HDB flat or when they are renting out their flat. The HDB Indemnity Form declares that the owner or tenant will be responsible for any breach of lease agreement, non-payment of rent, or any other related issues that may occur during the tenancy period. The form also states that the owner or tenant will bear the full cost of any court proceedings that may arise from such breaches. In summary, HDB Indemnity Form is a legally binding document that guarantees the Housing and Development Board against any loss or damage in connection with a lease agreement. It is mandatory for anyone who wishes to transfer ownership or rent out their HDB flat to complete and submit this form.
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