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In this tutorial, Elizabeth Potts Weinstein discusses indemnification, explaining its meaning and significance. Indemnification involves compensating another party for loss or damage, akin to insurance. Including an indemnification clause in contracts is crucial, as it ensures that the party with more control or information in a business deal is held accountable if issues arise. This fairness protects the interests of both parties, particularly when one has more knowledge or influence over the transaction. For instance, if you hire someone for a task and they cause damage, the indemnification clause ensures accountability.
