It is difficult to give a complete and precise answer concerning the
meaning of the term "hold harmless from and against" without knowing the
precise context of the phrase in the agreement. Generally, however, you
are right that "hold harmless" means that one party agrees not to hold the
other responsible for certain acts or under certain circumstances. (e.g.,
acts of god, events beyond the control of the parties, unforseen
circumstances). Usually the agreement should spell out what those acts
and/or circumstances are in some specificity.
http://www.library.yale.edu/~llicense/ListArchives/9907/msg0...
The translation workplace 
peer agreement (net): +4
