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In this tutorial, Elizabeth Potts Weinstein explains indemnification, defining it as the act of compensating another party for loss or damage, similar to insurance. She emphasizes the importance of including an indemnification clause in contracts. This clause ensures that the party with more control or information in a transaction assumes responsibility if something goes awry. Elizabeth illustrates this concept using the example of hiring someone to write, suggesting that it's fair for the more informed party to manage risks and compensate for any resulting damages. Key points include the definition, significance, and fairness of indemnification clauses in business agreements.
