What does Cross Indemnity Agreement mean? Read on to discover the definition & meaning of the term Cross Indemnity Agreement - to help you better understand the language used in insurance policies.
Cross Indemnity Agreement
A form of indemnity that is often used in energy industry and chemical industry contracts. Under cross-indemnity agreements, the indemnification obligation is reciprocal in nature, regardless of fault. Therefore, each party obligates itself to indemnify the other for liabilities arising out of each other's acts or omissions.
We hope the you have a better understanding of the meaning of Cross Indemnity Agreement.