Document background
An Indemnity Contract is essential in business relationships where risk allocation is crucial. Under Singapore law, these contracts provide a framework for one party to assume financial responsibility for specific losses or liabilities that another party might incur. The document typically includes detailed provisions about covered events, claim procedures, and limitations, ensuring clarity in risk transfer arrangements. Common in various commercial contexts, from construction projects to professional services, these agreements help manage business risks while complying with Singapore's legal requirements regarding contract formation and enforcement.
