Indemnification 2025

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The document is an Indemnity Agreement in which the Contractor (Indemnitor) agrees to defend, indemnify, and hold harmless the Association and its representatives from any claims, damages, or liabilities arising from the Contractor's work. It outlines the responsibilities of the Contractor regarding legal costs and establishes that the agreement is binding on successors and governed by state law.

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What happens if I indemnify someone?

Indemnity is a type of insurance compensation paid for damage or loss. When the term is used in the legal sense, it also may refer to an exemption from liability for damage. Indemnity is a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.

What does it mean to re-indemnify someone?

Indemnification refers to the broad concept of one party compensating another for losses, damages, or liabilities, usually due to third-party claims. Its an agreement that safeguards one party against the financial impacts of specific actions or events.

What does it mean if you indemnify someone?

To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.

What does indemnity mean in simple terms?

This clause is often used when one party is at a greater risk of loss and wants to protect itself. For example, a manufacturer may include a one-sided indemnification clause in a contract with a distributor to protect itself from any losses resulting from the distributors actions.

What do you mean by indemnification?

Meaning of indemnification in English the act of paying or promising to pay someone an amount of money if they suffer damage or loss: They asked for some form of indemnification in case the proposed deal was blocked. The government has allocated large sums for the indemnification of farmers whose crops are destroyed.