A Hold Harmless Statement is a legally binding agreement between two or more parties. It essentially transfers the responsibility of any damages arising from an activity or event to another designated party. This kind of agreement can also be known as an Indemnification Agreement, which makes one party immune from any legal claims or liabilities resulting from the agreed-upon activity or event. Essentially, this type of agreement helps to protect all involved parties in case of unforeseen risks or damages caused by their actions. So, if you’re engaging in any activities or events that hold the potential for damages or liability, make sure you have a Hold Harmless Statement in place beforehand – it may just save you big time down the line!