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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 indemnity against mean?
An indemnity is an agreement by one person to bear the cost of certain claims brought against another person in specified circumstances.
What does indemnity mean in simple terms?
To indemnify means to pay or compensate the other party for its legal liabilities or losses.
How do you use the word indemnity?
Examples from Collins dictionaries Political exiles had not been given indemnity from prosecution. The government paid the family an indemnity for the missing pictures. In case of loss of the vessel, the ship owner receives no indemnity for loss, but acquires immunity from payment of the loan.
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.
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People also ask
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.
Related links
indemnify | Wex | US Law | LII / Legal Information Institute
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
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