If you assist a friend or relative with some aspect of their business, changes are neither of you intend that you should bear risk. However legal disputes can easily arise, and don’t think for a second that a plaintiff will excuse you from the proceedings because “you are just helping out”. If you do get caught up in a claim, you’re left with two pretty ordinary options: simply bearing the liability and associated legal costs, or suing your friend or family member for your losses.
The purpose of an indemnity is to ensure that you will be compensated by another party, for any loss you incur. Often in commercial relationships, the parties may concede that one of them, due to their limited involvement should not bear the fault if something goes wrong, and will agree to compensate that party for any liability they face.
An indemnity is different from a disclaimer, in that you, as an individual remain liable but are entitled to be compensated by the indemnifying party to the extent that your Deed of Indemnity allows. (Yes, how much you are able to be indemnified for depends largely on how well your indemnity is worded!)
Our tailored Deed of Indemnity for individuals provides a comprehensive indemnity against liability for any type of claim that may arise in the course of your project as well as a range of legal and other expenses that may accompany it. It also contains detailed provisions for how legal proceedings are to be conducted, how representation is to be arranged and more so that everyone knows exactly where they stand.
Protect yourself and your relationships with a Deed of Indemnity!