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Define: Indemnity
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Table of Contents
TL;DR: “Indemnity” is a contractual obligation where one party agrees to compensate another for specific losses or damages incurred.
Understanding “Indemnity”
In legal contexts, indemnity involves a promise by one party to cover losses suffered by another, often outlined in contracts to allocate risk.
Key Characteristics:
- Risk Allocation: Specifies which party bears certain risks.
- Compensation for Losses: Ensures reimbursement for specified damages or losses.
- Contractual Agreement: Typically detailed within the terms of a contract.
Examples:
- Insurance Policies: Insurers indemnify policyholders against covered losses.
- Service Agreements: A contractor agrees to indemnify a client for damages arising from the contractor’s work.
Why Trust Our Explanation?
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- Instant Analysis: Quickly identify risks and issues in your contracts.
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Ensure Your Contracts Properly Address Indemnity
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This article is for informational purposes only and does not constitute legal advice. For specific legal guidance, please consult with a qualified attorney.