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In this video, Michele discusses the term "indemnification," explaining its meaning and usage in various contexts such as contracts, settlements, and business separations. Indemnification essentially means to protect someone from potential claims or liabilities. When you indemnify someone, you agree to take responsibility for any claims that may arise related to a specific circumstance or product. Michele emphasizes the importance of clearly defining what the indemnification covers to avoid confusion about responsibilities if issues occur. The discussion serves to clarify this legal concept commonly encountered in business dealings.