Philip leases retail space in a building owned by Roger.The lease agreement contains a(n)_____________ excusing Roger from responsibility for any financial consequences of Philip's actions.
A)premises liability clause
B)indemnification clause
C)operations liability clause
D)lessor's release of action clause

Question

Quizplus · Accepted Answer

An indemnification clause (also known as a hold harmless clause) is a provision in a contract that requires one party (in this case, Philip) to compensate the other party (in this case, Roger) for any losses or damages that result from certain events or actions (such as Philip's actions in the retail space). This clause essentially releases Roger from any financial responsibility and shifts it onto Philip.

Philip Leases Retail Space in a Building Owned by Roger