For All Buyers & Merchants
For Guaranteed Merchants
For Bonded Merchants
Liberty Mutual Indemnity Agreement
In partial consideration of Liberty Mutual Insurance Company or its affiliates or assigns, ("Liberty") executing the bonds, including but not limited to Online Transaction Supply and Trading Assistant Bonds, applied for (Bonds), which Bonds and application are hereby referred to and made a part of this agreement, and to induce Liberty to issue the Bonds, the undersigned sellers and individuals ("Undersigned"), jointly and severally, covenant and agree as follows:
- The Undersigned certifies that all statements made and answers given in the buySAFE application are truthful, accurate and complete in all respects and are made for the purpose of inducing Liberty to execute the Bonds for which the Undersigned has applied. The Undersigned understands and agrees that Liberty can and will rely upon the Undersigned statements and answers for that purpose. The Undersigned understands that it is a crime to knowingly provide false, incomplete or misleading information to an insurance company for the purpose of defrauding the company. Penalties may include fines and imprisonment.
- The Undersigned agrees to waive any and all defenses as against Liberty with respect to any coverage decision and agrees to seek any necessary restitution directly against the buyer or other third parties. The Undersigned agrees to assign to Liberty, upon request from Liberty, any rights the Undersigned may have to recover from any third parties.
- The Undersigned agrees, jointly and severally, to indemnify Liberty and hold it harmless from all loss and expense of whatever kind, including but not limited to costs associated with the return of an electronic debit, interest, court costs, and attorney fees, (hereafter referred to as Loss), incurred by Liberty as a result of or in connection with the furnishing of the Bonds and/or the enforcement of this agreement. The Undersigned promises to promptly reimburse Liberty for all sums paid on account of any Loss and agrees that originals or photocopies of claim drafts, or of payment records kept in the ordinary course of business, including computer printouts, verified by affidavit, shall be prima facie evidence of the fact and amount of such Loss.
- The Undersigned agrees to deposit upon demand with Liberty an amount deemed sufficient by Liberty to indemnify it from all claim loss, cost, or expense as soon as liability exists or is asserted against Liberty, whether or not Liberty has posted a reserve or made any payment.
- The Undersigned agrees that (a) Liberty will incur no liability on account of, and the Undersigned needs not be notified of the taking, failure to take, or release of security, collateral, assignment and the like, as to any Bond; and (b) Liberty and its representatives have the authority to charge/debit the credit card/debit card account provided by the seller as security. The Undersigned agrees to immediately provide new credit card/debit card information to Liberty upon termination of any account provided to Liberty as security.
No change or modification to this agreement will be effective unless specifically agreed to in writing, including writing by electronic exchange, executed by the Undersigned and Liberty. If any provision or provisions in this agreement are determined to be void or unenforceable under the laws governing its or their construction or enforcement, the remainder of this agreement shall not become void or unenforceable thereby, but shall continue in effect and be enforced as though such provision or provisions were omitted.