What clause transfers a particular liability from one party to another in a contract?

The correct answer, which is the hold harmless clause, refers to a provision in a contract where one party accepts responsibility for certain liabilities and agrees not to hold the other party liable for those specific issues that might arise. This clause is typically used to protect one party from being sued or facing financial responsibility for the other party's actions or claims.

In contrast, the indemnity clause also involves liability transfer but focuses on compensation. It requires one party to reimburse the other for losses or damages that arise from specific incidents. While both clauses deal with liability, the hold harmless clause specifically eliminates the liability rather than merely providing financial coverage.

A limitation clause, on the other hand, restricts the amount or types of damages that one party can seek from another, while the waiver clause relinquishes a right or claim and does not focus on transferring liability but rather on the relinquishing of rights to pursue certain actions.

Understanding the nuances between these clauses is key in contractual agreements, as each serves a different purpose and impacts the liability and responsibility arrangements between the parties involved.