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In this tutorial, Michele introduces the term "indemnification," explaining its relevance in contexts like contracts, settlements, and business separations. To indemnify means to provide protection or support, essentially covering someone's back against claims that may arise related to a transaction or circumstance. Michele emphasizes the importance of clearly defining what is being indemnified against, particularly focusing on potential liabilities or issues that could occur. Understanding indemnification is crucial when entering agreements or transactions to ensure both parties are aware of their responsibilities and protections.
