General Indemnity Agreement Definitions & Clauses to Understand in a Construction Contract

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A General Indemnity Agreement (GIA) is a legal document that outlines the Surety/client relationship. As a contractor, it is important to understand the terms and language found in this document. Here’s a quick reference regarding some of the significant terms you may encounter:

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Topics: Surety Bonding, Surety, General indemnity agreement

How Does a General Indemnity Agreement Affect Your Construction Company?

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A General Indemnity Agreement (GIA) is essential in terms of risk transfer, and it is a necessary component of obtaining surety bonds. The GIA is a legal instrument used by surety companies to ensure they are “made whole” by any losses covered under their bonds. In the event a Surety suffers a loss as a result of the contractor’s failure, the contractor must reimburse the Surety for such losses.

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Topics: Surety Bonding, Surety, General indemnity agreement

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