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Elizabeth Potts Weinstein discusses indemnifications, explaining their meaning and significance in contracts. Indemnification involves compensating another person or entity for harm, loss, or damage, akin to insurance. It ensures that the party with control or information in a transaction bears responsibility if issues arise. This fairness leads to the inclusion of an indemnification clause in contracts. For instance, if you hire someone for a task, and something goes wrong, having such a clause protects the interests of both parties, ensuring the responsible party addresses the consequences of any damages or losses incurred during the transaction.
