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Using an Indemnity Agreement to Protect from Liens in Tennessee
Property owners can protect themselves from a mechanic's lien on their land by executing an indemnity agreement binding both the contractor and indemnity company. By entering into an agreement, the insurer agrees to pay the contractor any amount that could otherwise be enforced through a lien placed on the property. This way, the contractor will turn to the insurance agency and not the land owner for any deficiency that is owed.
This indemnity agreement is designed to be used by contractors and material providers as well as property owners. Although this form is designed for ease of use, it may not be appropriate in every circumstance. It is always a good idea to consult with an attorney when drafting a contract between two parties.
This article is provided for informational purposes only and should not be relied upon as a substitute for the advice of an attorney. Please speak with an attorney for any questions regarding indemnity agreements.
Deeds.com Tennessee Indemnity Agreement Forms Have Been Updated as Recently as Tuesday March 23, 2021
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