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In this tutorial, Elizabeth Potts Weinstein discusses the concept of indemnifications, explaining what they are, their significance, and key considerations. Indemnification refers to securing or compensating another person or entity for loss or damage, akin to insurance. Including an indemnification clause in a contract is important as it ensures that the party with control or more information in a transaction takes responsibility if issues arise. This fairness establishes accountability, particularly in business agreements, where one party often has more control over the situation than the other. An illustrative example involves hiring someone to write, highlighting the relevance of indemnification in contractual relationships.
