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In this tutorial, Elizabeth Potts Weinstein discusses indemnifications, explaining their significance in contracts. Indemnification means compensating someone for harm or loss, akin to insurance. She emphasizes the importance of including an indemnification clause in contracts to ensure fairness between parties in a business deal. The party that possesses more information or control over the transaction should bear responsibility if issues arise. For example, if you hire someone to write something and they cause damage, the indemnification provision protects the affected party by holding the responsible party accountable. Understanding indemnifications is key for managing risk in business agreements.
