what is hold harmless provision
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hold harmless clause Definition. A provision in an agreement under which one or both parties agree not to hold the other party responsible for any loss, damage, or legal liability. In effect, this clause indemnifies the parties on a unilateral or reciprocal basis (as the case may be). See also indemnity clause.
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Incontestability Clause A provision in a life or Health Insurance policy that precludes the insurer from alleging that the policy, after it has been in effect for a stated period (typically two or three years), is void because of misrepresentations made by the insured in the application for it.
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What is a Provision? What is a Provision? Definition: A provision is an amount set aside for the probable, but uncertain, economic obligations of an enterprise. A provision is an amount that you put in aside in your accounts to cover a future liability. The purpose of a provision is to make a current year’s balance more accurate, as there may be costs which could, to some extent, be accounted for in either the current or previous financial year.
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- DEFINITION of 'Provision'. A legal clause or condition contained within a contract that requires or prevents either one or both parties to perform a particular requirement by some specified time.Specified requirements can include, but are not limited to, sunset, soft call, anti-dilution, and anti-greenmail provisions. Next Up.REAKING DOWN 'Provision'. Provisions were created to protect the interests of one or both parties named in a contract or legal document. For example, the anti-greenmail provision contained within some companies' charters protects shareholders from the board wanting to pass stock buybacks.
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Clawback A clawback or clawback provision is a special contractual clause typically included in employment contracts by financial firms. The term also is in use in bankruptcy matters where insiders may have raided the asset prior to a filing.
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What are 'General Provisions' General provisions are balance sheet items representing funds set aside by a company as assets to pay for anticipated future losses. For banks, a general provision is considered to be supplementary capital under the first Basel Accord. General provisions on the balance sheets of financial firms are considered to be a higher risk asset, because it is assumed that the underlying funds will be in default in the future.
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Yet More on âIndemnifyâ and âHold Harmlessâ And Sub 1 can use the phrase “hold harmless” as a basis to prevent Sub 2 from suing it for the liability that Sub 2 might incur to the general. In other words, “indemnify and hold harmless” can both apply to third-party situations without violating the canon against surplusage.
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- A Hold Harmless Agreement is a contract or clause found in a contract that shifts liability for loss from one party to another. Use of Your Church by Outside Groups. Churches often permit outside groups to use their facilities.
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Subrogation and the Hold-Harmless Release A “hold harmless” agreement, on the other hand, is one party agreeing not to hold the other party responsible for any loss, damage, or legal liability that may arise from the matters made the subject of the agreement.
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- One commenter disagreed, arguing that application of the insurance safe harbor provision to wellness programs that are part of a group health plan would not render 42 U.S.C. 12112(d)(4)(B) superfluous, as that section could still apply to wellness programs that are not part of a group health plan.
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- Indemnifying party shall indemnify, hold harmless, defend, and. protect indemnified party and its officers, directors, employees, assigns of, from and against any and all suits, actions, claims, losses, damages, liabilities, costs and expenses (including but. not limited to attorneys’.
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Subrogation and the Hold-Harmless Release Hold Harmless. A hold harmless or liability waiver provision in a contract is an agreement between the parties whereby one or both parties agree not to hold the other party responsible for any loss, damage, or legal liability that may arise under the agreement.
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Saving Clause The provision in a statute, sometimes referred to as the severability clause, that rescues the balance of the statute from a declaration of unconstitutionality if one or more parts are invalidated. With respect to existing rights, a saving clause enables the repealed law to continue in force.
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limitation of liability clause A limitation of liability clause (sometimes referred to simply as a liability clause) is the section in a contracted agreement that specifies the damages that one party will be obligated to provide to the other under terms and conditions stipulated in the contract.
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Safety (firearms) In firearms, a safety or safety catch is a mechanism used to help prevent the accidental discharge of a firearm, helping to ensure safer handling.
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- Hold Harmless Clause. A hold harmless clause is a statement in a legal contract stating that an individual or organization is not liable for any injuries or damages caused to the individual signing the contract.
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- The government agreed and modified the safe harbor rule to provide that the holding period for purposes of the land safe harbor generally begins on the date the taxpayer acquires title to the land, unless the purchase price under the option agreement does not approximate the fair market value of the land.
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- A Hold Harmless (Indemnity) Agreement is used between two parties to establish that the indemnitee is protected from any unforeseen liabilities, losses, claims or damages during their involvement in an activity. Hold Harmless (Indemnity) Agreement is used between two parties to establish that the indemnitee is protected from any unforeseen liabilities, losses, claims or damages during their involvement in an activity.
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Affreightment There is usually what is called the cesser clause, by which the charterer's liability under the charter-party ceases on shipment of the cargo, the shipowner taking a lien on the cargo for freight, dead freight, and demurrage.nder a time charter-party, the shipowner largely parts with control of his ship. The ship is employed, within certain limits, according to needs of the charterers. However, the shipowner remains in possession of the vessel via his employee, the master.
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Estoppel in English law Promissory estoppel is the doctrine that prevents a party from acting in a certain way because the first party promised not to, and the second party relied on that promise and acted upon it. In English law, a promise made without consideration is generally not enforceable, and is known as a gratuitous promise.
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saving clause A clause in a law indicating that, in the event that some part of the law is declared invalid by a court, the remaining valid portion will still be enforceable.
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- v. Isthmian S.S. Co. 2.1 The saving to suitors clause was designed to permit a damaged party to bring a federal action (in conjunction with a state action), into a state court. The saving to suitors clause also enables the cross-libelant/plaintiff to chose the remedy. The liability of the defendant remains in admiralty. Case Nos.
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clear and present danger - Legal Definition In constitutional law, the principle that the government, notwithstanding the First Amendment to the United States Constitution, may restrict, prohibit, or punish speech or the printing and distribution of words if it is necessary to prevent a clear and present danger of an event that the government has a right to prevent.
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Nonforfeiture Provisions Nonforfeiture Provisions. Protects the contract holder from total forfeiture or loss of benefits if he stops making the required periodic payments and surrender charges, or penalties for cashing in the annuity before the pay out period. Previous Search New Term Next.
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Annuity Glossary Bailout Provision: A provision in an annuity contract that allows the owner to surrender the contract, generally without charge, if the renewal interest rates on a fixed annuity drop under the pre-determined amount (usually 1%). Basis Point: A unit of measure, with 100 basis points being equal to one percentage point.
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Provision (accounting) Definition[edit] A provision can be a liability of uncertain timing or amount. A liability, in turn, is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.