Indemnity Agreement Language

[joytech03]

We have been issued an Indemnity Agreement and the language states in one item "That we, the contractor (and the indemnitors, if any) hereby waive, so far as our respective obligations under this Agreement of Indemnity are concerned, all right to claim any of our property, including our respective homesteads, as exempt from levy, execution, sale or other legal process under the laws of any State or Territory."

Isn't this a backhanded way of saying you can have my house?

Thanks for any advice.

Joy

[Admin]

Joy,

Indemnity agreements are nasty one sided documents. Even worse, bonding companies will not allow for any changes. In the end, all bonding companies will require an indemnity agreement in today's market.

If you want a bond, then you will need to sign corporately and personally.


If you absolutely will not sign, then you may want to look into a letter of credit. However, you will want to read the following in order to weigh what is best for you:

Surety Bond Blog » Surety Bonds Can Save You Money



Let me know if you have any questions!