Hold Harmless Agreement (CO)
A hold harmless agreement is an agreement where one party 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, cost or expense. A hold harmless agreement is designed to protect one or more parties from legal liability and may be used in a variety of transactions.
Any time a third party uses your property, attends an event you're sponsoring, or performs work for you, consider having them sign a hold harmless agreement. For example, you may want to include one when:
- You're renting or leasing your property and you don't want to be legally liable if someone gets hurt or suffers property damage while visiting the renter or lessee.
- You're hiring a contractor or other service provider to work on your property and don't wish to be held liable for that person (or his or her employees) getting injured while working on your project.
- You're sponsoring an event that involves physical risks - for example - sports - and don't want to be held responsible if someone gets hurt.
- You're planning a business venture with another party and don't want to assume the legal risk.