Free Hold Harmless Clause

BASE METALS - European Opening View - Metals under pressure as broad market ...

Metals put in a mixed performance on Friday, the markets got a respite from the weaker tone seen on Thursday as Germany and France/the ECB put there differences aside, which took some of the heat out of the Greek debt situation. However, although the metals spent most of the day either side of unchanged, they started to drift towards the close, which was a sign that bargain hunters were not overly confident going into the weekend. The base metals closed with average losses of 0.9 percent. We also noted that gold was bid up in the afternoon as safe-haven buying increased.

This morning the metals are down an average of 0.4 percent, copper leads the decline with a loss of 0.8 percent at $9,005, aluminium is up $2 at $2,533, lead is down 0.7 percent at $2,420, while the rest are between unchanged and 0.3 percent lower. Volumes have been average with 1,785 lots of copper traded, but there have also been 1,396 lots of zinc traded.

In Shanghai the September metals are down an average of 0.8 percent, lead and zinc are down 1 percent at Rmb 16,520 and Rmb 17,100 respectively, copper is down 0.9 percent at Rmb 67,410 and aluminium is down 0.1 percent at Rmb 16,900. Spot copper in Changjiang is 0.4 percent lower at Rmb 68,650-68,950 so remains backwardated while the LME/Shanghai copper arb remains closed at around minus $140/tonne.

The dollar is strengthening again with the dollar index last at 75.33. On Thursday and Friday it consolidated at lower levels, dipping to a low of 74.88, after peaking on Thursday at 76.01. Against the dollar the currencies are last as follows: euro 1.4230, sterling 1.6135, aussie 1.0536 and yen 80.20. Gold is slightly easier at $1,538, as is silver at $35.75.

Equities – the Dow closed up 0.4 percent on Friday and Asia is generally weak with the Nikkei little changed, the Hang Seng is down 0.7 percent, China is down 0.9 percent and the MSCI Asia Apex is down 0.4 percent.

Data out shows UK house price index climbed 0.6 percent, Japan’s trade deficit was less that expected at 0.54 trillion yen and German PPI was flat. Later we get the EU current account data.

On balance the metals remain under pressure and with the dollar looking firmer that is likely to weigh on prices. In addition, continued concerns over Greece are likely to keep the market nervous as seen by the weaker tone in equities in Asia.

What is the difference between a “Hold Harmless Agreement” and an ...

A hold harmless agreement is a document or contract you sign declaring that you will not hold the company responsible for damages. A hold harmless agreement actually safeguards someone from being sued. It is mostly used in offices and businesses where the person who signs the agreement loses the right to make a claim. This is in sharp contrast to what is applicable in an insurance policy, where you can claim any amount of liability. Hold harmless agreement, which is also known as indemnification, provides the right to be free from liability. Even in the case of an accident, hold harmless agreement protects the towing company from having to pay for damages caused to the vehicle. Remember, by signing the hold harmless agreement, you are taking away your and your insurance firm’s rights to sue the service provider. It is very essential that you review the documents before deciding to giving up the right to damages. Service contracts comprising a hold harmless agreement and a waiver of subrogation clause have been developed to safeguard the service provider and limit liability from insurance claims. Hold harmless clauses are freely used in aviation, where the aircraft owner agrees to hold the service provider free of liability from claims that may arise out of the provider’s handling of the aircraft.

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