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The Contribution And Indemnity Agreement is essential when multiple parties need to allocate risk and responsibility for potential claims or losses. This document is commonly used in situations where parties share business risks or potential liabilities, such as joint ventures, construction projects, or complex business transactions. Under U.S. law, it provides a framework for determining each party's share of liability and establishes procedures for seeking indemnification. The agreement typically includes specific contribution percentages, payment terms, claim procedures, and insurance requirements, while ensuring compliance with both federal and state indemnification laws.
