As Robert pointed out, this is very common indeed. The company does not want to run the risk that if, for example, you stole content from someone else and then they get sued over it that you will be judgment proof and not be able to indemnify them. Having this policy gives them those assurances.
You should without question have a lawyer review the entire agreement with an eye toward your interests to make sure it does not cut against you here.
You are welcome to contact me to discuss further of course.
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This is fairly common and this term is enforceable. Only you can decide if this is acceptable as that depends on the risk of liability and your return. Unless you feel like guessing about the issues and options related to this contract, you should speak with an attorney and they can advise you on the terms.
This answer is for informational purposes only and is not legal advice regarding your question and does not establish an attorney-client relationship.
My colleagues nailed it. This is a common clause. The acceptability is up to you. You should consult with an attorney who can advise you after reviewing the contract and discussing your particular situation with you.
Get a view of the entire picture and then decide.
At the risk of redundancy, you should look at the contract you received as a statement of what they want, not what you have to give. The provision is negotiable to a degree that depends on your bargaining position. If you take it you have the comfort that it is a common provision.
Some sort of indemnification clause is common for vendor/contract agreements in a wide variety of fields, from clothing to consumer products to software. The idea is that the company paying you for the product doesn't want to be on the hook if it turns out you sold them an infringing product.
As others have mentioned, the company also doesn't want to be in a position where you have insufficient assets to indemnify them, so they want to make sure there's adequate insurance.
It's probably worth having an attorney look over the contract for you.
I am an attorney, but I am not YOUR attorney. By providing free, generalized information, I am not entering into an attorney/client relationship with you, nor am I providing legal advice applicable to your particular needs.