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In this tutorial, Elizabeth Potts Weinstein discusses indemnifications—what they are, their importance, and key considerations. Indemnification refers to compensating another party for harm, loss, or damage, akin to insurance. An indemnification clause in a contract ensures that one party, typically the one with more control or information, takes responsibility for issues that may arise during a transaction. This arrangement is seen as fair, as it protects the party without control from unforeseen complications. For instance, if you hire someone for a task, it would be reasonable for them to indemnify you in case their actions lead to a loss.