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Indemnity definition: protection or security against damage or loss.. See examples of INDEMNITY used in a sentence.
Feb 2, 2024 · In legal terms, indemnity requires a nondelivering entity to compensate the aggrieved party for losses it incurred or expects to as a result of the nonperformance. An indemnity clause can also act an as exemption from liability from damages, so the wording of the agreement is extremely important. Indemnity and contracts.
4 days ago · indemnity in British English. (ɪnˈdɛmnɪtɪ ) noun Word forms: plural -ties. 1. compensation for loss or damage; reimbursement. 2. protection or insurance against future loss or damage. 3. legal exemption from penalties or liabilities incurred through one's acts or defaults.
The concept of indemnity is based on a contractual agreement made between two parties in which one party (the indemnitor) agrees to pay for potential losses or damages caused by the other party (the indemnitee). Indemnity is compensation to a party for a loss or damage that has already occurred or to guarantee through a contractual clause to ...
Feb 1, 2023 · A contract of indemnity is one in which one party promises to protect the other party from harm brought on by the actions of the other party. One party must present a condition to another party, and the other party must accept it. Acceptance occurs when another party accepts the offer on the same terms.
An Indemnity Is a collateral contract or assurance, by which one person engages to secure another against an anticipated loss or to prevent him from being damnified by the legal consequences of an act or forbearance on the part of one of the parties or of some third person. See Civ. Code Cal. Find the legal definition of INDEMNITY from Black's ...
Definition of indemnity noun in Oxford Advanced American Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.
