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Definitions of "indemnity" Protection provided against any potential harm, loss, or damage. An exemption that prevents a person from suffering legal consequences or liabilities. A specific form of compensation that offers protection or reimbursement. How to use "indemnity" in a sentence.
[countable] a sum of money that is given as payment for damage or loss. Our client will seek an indemnity from the vendor for a breach of contract. The defeated nations were forced to pay an indemnity of $800 million. Word Origin. See indemnity in the Oxford Advanced American Dictionary. Check pronunciation: indemnity. Nearby words.
Feb 2, 2024 · What is indemnity and why is it important. Indemnity is an important element of contracts because it is designed to punish a party who breaches the contract. Learn about the different types of indemnity and why they're essential.
