A Nice Balanced Indemnification Clause

I feel like like I've been reviewing a lot of painfully one-sided contract clauses lately, so I was pleasantly surprised when I came across this little beauty. Indemnification is something everyone looks for, especially for IP, so it always baffles me when I wind up going round and round with opposing counsel trying to make indemnifications flow both ways: You cover me for the things you bring to the relationship, and I'll cover you for the things I bring. Why is this so hard?

I could quibble with a few of the word choices below, but overall it is a comprehensive yet simple and balanced indemnification clause. So I thought I'd share.

Indemnification

(a)     Neither party assumes any liability to third persons with respect to any intentional or negligent act or omission of the other party or any employee, agent, or contractor of the other party, in the performance of this Contract.

(b)     Each party agrees to indemnify and hold the other party and...

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