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In this tutorial, Elizabeth Potts Weinstein discusses indemnifications, explaining their meaning and importance in contracts. Indemnification refers to compensating another party for hurt, loss, or damage, akin to insurance. It's crucial to include an indemnification clause in contracts, as it ensures that the party with control or information about the transaction is held accountable if issues arise. This fairness addresses the imbalance of knowledge and responsibility between the parties involved. The discussion emphasizes the necessity of having these clauses to protect against potential damages in business dealings.
