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In this tutorial, Elizabeth Potts Weinstein discusses indemnifications, explaining their definition and importance in contracts. Indemnification refers to compensating another person or entity for loss or damage, akin to insurance. The key reason for including an indemnification clause in contracts is to ensure fairness in transactions where one party possesses more information or control than the other. It holds the party with control responsible in case something goes wrong. Weinstein emphasizes that having this clause protects the interests of the less informed party by ensuring that the responsible party covers any resulting damages.
