Hold Harmless Agreement Draft

# Hold Harmless Agreement Regarding */* Business Partnership Framework This Hold Harmless Agreement (the "Agreement") is executed and made effective as of the ___ day of __________, 20___, in connection with the */* Business Partnership Agreement (the "Partnership Agreement") entered into between Jennifer Delores Bouknight-Spence, hereinafter referred to as "Partner One," and Vance Howard Harris, hereinafter referred to as "Partner Two." ## RECITALS **WHEREAS**, Partner One, Jennifer Delores Bouknight-Spence, acknowledges that she did not disclose her marital status to Partner Two, Vance Howard Harris, prior to the initiation of their romantic relationship or any discussions pertaining to the */* Business Partnership Agreement. Partner One affirms that it was not her intention to inflict emotional distress upon Partner Two as a result of this nondisclosure regarding her marriage. I, Jennifer Delores Bouknight (Partner One), acknowledge that I informed Vance Howard Harris (Partner Two) of my marital status only after realizing my inability to fulfill the agreement made with Partner Two to co-sign a loan contract. This was intended to enable Partner Two to acquire financing for his business, Affordable Towing and Recovery, in order to purchase a used tow truck. Due to the circumstances, I could not disclose any discussions or plans I had made with Partner Two, as I had to manage my plans for starting a business without informing my husband, Bud Bouknight, until the completion of divorce proceedings. Essentially, I had to portray my intentions to my husband as solely seeking financing for purchasing a used tow truck, without revealing the partnership with Partner Two. Approximately one month after discussing business plans with my husband, he independently secured financing, without my prior knowledge or consent, including placing my name on a financing contract at Total Finance in Meridian, Mississippi, a company owned by Bill and Larry Johnson, my husband's employer. This funding was subsequently used to purchase a * F650 rollback tow truck from his acquaintance, Trent Shoals of Trent's Paint and Body, shortly after my discussions regarding the intended business venture. I, Partner One, Jennifer Delores Bouknight, also confirm that I disclosed my marital status to Vance Howard Harris only after recognizing that I could not honor the initial agreement to co-sign so that he could secure the necessary funds for his intended business purchase. Given my marital situation and cohabitation with my husband, Bud Bouknight, it became necessary to inform him of my entrepreneurial intentions while ensuring that I could not share specific details regarding Partner Two due to previous aggressive behavior from my husband, which worsened following his terminal cancer diagnosis. Thus, I felt compelled to maintain the integrity of our new venture by presenting my plans as independent from Partner Two. Furthermore, I acknowledge that following my husband's acquisition of financing on the day I learned of it, I was informed only afterward that I needed to endorse the finance agreement. This was a crucial realization for me regarding my ability to follow through with the terms outlined in the business partnership agreement. It is also pertinent to mention that prior to any business discussions, all activities associated with Affordable Towing and Recovery were exclusively conducted by Partner Two, who had indicated this was his second attempt at launching the business after an unsuccessful previous endeavor. Partner One, Jennifer Delores Bouknight, agrees that the omission of information occurred during the three-month period following our first meeting, during which Partner Two was contacted by a mutual acquaintance seeking help for security services. Following this agreement, Partner Two undertook substantial hours of work to assist me with security; the hours required were extensive (from *:* PM to *:* AM, seven days a week). It was only after I was placed in a challenging situation concerning my personal life that I felt the need to disclose my marriage to my husband, which coincided with the emergence of business negotiations with Partner Two. Due to my husband's history of domestic violence and erratic behavior, I request that Partner Two allow me to temporarily act as the sole proprietor of Affordable Towing and Recovery until my divorce from Ronnie M. (Bud) Bouknight is finalized. This arrangement is intended to safeguard both myself and Partner Two from potential threats posed by my husband and to prevent him from discovering any business dealings or agreements established between the partners. I, Jennifer Delores Bouknight, commit to taking sole responsibility for any business documentation, tax obligations, and licenses as the apparent sole owner during this period, understanding that this setup may incur full tax liability upon myself. This arrangement, as agreed, may limit Partner Two's ability to receive necessary tax documentation traditionally required by him under a normal partnership structure. Partner One acknowledges and agrees that this Hold Harmless Agreement is intended to protect both parties from any implications resulting from my nondisclosure and to clarify that any liabilities incurred during the temporary sole proprietorship will be fully my responsibility. **NOW, THEREFORE**, Partner One agrees to indemnify and hold Partner Two harmless from any claims, liabilities, or damages arising out of this Agreement or any disturbances in business operations that can be attributed to Partner One's previous failure to disclose her marital status, provided all actions are undertaken in good faith per the terms of this Agreement. IN WITNESS WHEREOF, the parties hereto have executed this Hold Harmless Agreement as of the date specified below. _______________________________ Partner One: Jennifer Delores Bouknight-Spence Date: _______________ _______________________________ Partner Two: Vance Howard Harris Date: _______________

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