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How does the counter indemnity agreement between the tenant and the underwriter work?

April 26, 2017Agreement counter indemnity tenant underwriter

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How does the counter indemnity agreement between the tenant and the underwriter work?

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A. Before QBE Insurance (Australia) Limited issues a bond they require an indemnity agreement from the tenant and/or its indemnifiers. The indemnity agreement clearly defines the rights and obligations of each party to the Bond. In essence, the tenant and/or its principals/directors indemnifies QBE Insurance (Australia) Limited from any losses including costs associated with the Bond.