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Today, Elizabeth Potts Weinstein discusses indemnifications - what they are, why they are important, and what to watch out for. Indemnification, per Merriam-Webster, is compensating another for harm or loss. It is like insurance, compensating someone if they are hurt or damaged. Indemnification clauses in contracts ensure fairness when one side has control or information in a business deal. It is fair for them to be responsible if something goes wrong, such as hiring someone for a task.
