A Hold Harmless Agreement is a legal contract where one party agrees not to hold another party responsible for any potential losses or damages. This type of agreement is often used in situations where risks are involved, such as in construction projects or event planning. By signing this agreement, the party assumes the risk and protects the other party from legal claims. These agreements can be beneficial for both parties. The party providing a service or facility can operate with less worry about liability, while the other party acknowledges the risks involved. It's important for both parties to understand the terms before signing to ensure clarity and protection.