Jarrid Geduld
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Indemnity. In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party.
Indemnity is protection or security against damage or loss, or compensation for damages or money spent. Insurance coverage provides indemnity to a person (or organization) by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents.
INDEMNITY definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.
Indemnity is a type of insurance that covers a wide range of damages and losses. In the indemnity clause, one party commits to compensate another party for any prospective loss or damage. More common is in insurance contracts, in exchange for premiums paid by the insured to the insurer, the insurer offers to compensate the insured for any ...
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.
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.
