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Loan and Mortgage Terms Glossary |
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Hold Harmless Clause:
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.
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