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In this video, Michele discusses the term "indemnification," which often arises in contexts such as contracts, settlements, or business separations. To indemnify someone means to protect them, essentially "covering their back," by agreeing to take responsibility for claims that may arise related to a specific situation, product, or service. It is crucial to clearly define what the indemnity covers, especially in case something goes wrong. The concept is important for ensuring parties understand their responsibilities and liabilities when entering agreements or transactions.
