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In the tutorial "Negotiating Indemnity Clauses," attorneys Michael Haley and Bruce Baldwin discuss the fundamentals of indemnity clauses. They define indemnity, referencing Black's Law Dictionary, as a duty to compensate for loss, damage, or liability incurred by another party. The primary purpose of an indemnity clause is to shift risk from one party to another, protecting the indemnified party from specific claims and related costs. Haley emphasizes the importance of understanding who requires indemnity and why parties choose to indemnify others, setting the stage for a deeper exploration of these clauses in the context of business representation and litigation.