WebAug 27, 2015 · To indemnify means to compensate another party for losses or damages that have occurred, or which may occur in the future. It is a common practice for one party to guarantee it will compensate another party for any loss that may occur due to a contractual obligation. To explore this concept, consider the indemnify definition. Webindemnify: 1 v secure against future loss, damage, or liability; give security for “This plan indemnifies workers against wages lost through illness” Type of: cover , insure , …
Indemnification: Understanding an Indemnification Clause
Webindemnity might not be enough. But if you don’t have a contract with an indemnity clause and you don’t think common-law indemnity will save the day, your options get muddier. Implied-contractual indemnity In this situation, you’re probably left with implied-contractual indemnity, which is sort of the halfway point between the two. WebLegally defined as, “to make reimbursement to one of a loss already incurred by him,” an indemnity clause states that one party agrees to “indemnify the other party,” or absorb the … songs with spirit in the title
What Is an Indemnity Bond? - SmartAsset
WebIndemnity. In its widest sense, "indemnity" means protection against, or compensation for, a loss or liability. Some indemnity claims arise by operation of law. For the indemnifying party, the obligation to defend consists of both: 1. An obligation. The indemnifying party must: 1.1. Reimburse paid defense costs and expenses 1.2. Make advance payment for unpaid defense costs and expenses 2. A right.The indemnifying party has the right to assume and control … See more Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the … See more Indemnification clauses allow a contracting party to: 1. Customize the amount of risk it is willing to undertake in each transaction and with every counterparty 2. Protect itself from damages and … See more A typical indemnification clause consists of two separate and distinct obligations: an obligation to indemnify, and an obligation to defend. See more WebOct 30, 2024 · Indemnity is a comprehensive form of insurance compensation for damages or loss. In a legal sense, it may also refer to an exemption from liability for damages. The insurer promises to make the... songs with star in them