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What are the three 3 methods of indemnity?

There are 3 levels of indemnification: broad form, intermediate form, and limited form. This requires the indemnitor to pay not only for its liabilities but also for the indemnitees liability whether the indemnitee is solely (i.e. 100%) at fault or partially at fault.

What does indemnity mean in simple terms?

Put simply, indemnity is a contractual agreement between two parties, where one party agrees to pay for potential losses or damages claimed by a third party.

What does it mean to indemnify someone?

To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.

What indemnify means?

to pay someone for loss or damage that they have suffered, or to formally promise to do this: idemnify sb against sth The insurer will indemnify the policyholder against loss of or damage to the motor car.

Do stockholders need to approve indemnification agreements?

If a corporations indemnification agreement needs to be updated, a decision must be made as to which corporate constituency will approve the revised agreementthe corporations shareholders or its board of directors.

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