| Webster's Online Dictionary |
| Expressions | Domain | Definition | |
| Hold harmless clause | Finance | A provision in a contract that relieves a party to the contract from liability, either as a matter of negotiated agreement, or in the event that circumstances beyond his control prevent him from fulfilling the terms of the contract. For example, in a construction loan, the lender might agree to hold the borrower harmless in the event that the building construction was not completed on time due to a strike, thus preventing foreclosure on the loan. (references) | |
Source: compiled by the editor from various references; see credits. | Top | ||
