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Indemnity clauses, also known as indemnification clauses, require one party to reimburse the other for recoverable damages from third-party claims. The indemnifying party is demanding payment. The indemnified party is required to pay. This article further defines indemnity clauses.
- Indemnification Agreement: Everything You Should Know
What is an Indemnification Agreement? An indemnification...
- Indemnification: Understanding an Indemnification Clause
An indemnification clause ensures that you don’t face civil...
- Indemnification Agreement: Everything You Should Know
People also ask
How do indemnity clauses work?
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What does indemnity mean in a lawsuit?
Aug 9, 2023 · Indemnifications, or “hold harmless” provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
- About Indemnity Clauses
- Understanding Indemnity Clauses
- Fair Contracts
Indemnity clauses are common in contracts, and they shift risk and potential costs from one contractual party to the other. Specifically, an indemnity clause states the conditions under which one party has to compensate the other contractual party for claims, unintentional harms, or other liability that could befall the indemnified party (i.e., the...
When you go over a contract, read the indemnity clause carefully, as well as the rest of the document. Make sure you understand the contract's language. For instance, it's easy to gloss over the big difference between "defending against a reasonable claim" and all claims if you're going over a contract too quickly. You may want to do any of the fol...
It's very important to fully understand all of the nuances contained in an indemnity clause. Otherwise, you may be shifting too much risk or liability to your own business. However, because these clauses can be so arcane and mundane, business leaders can easily overlook them when they review a contract. Still, it pays to carefully read the indemnit...
Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
What is an Indemnification Agreement? An indemnification agreement, also called an indemnity agreement, hold harmless agreement, waiver of liability, or release of liability, is a contract that provides a business or a company with protection against damages, loss, or other burdens.
Feb 25, 2024 · Indemnity is a comprehensive form of insurance compensation for damage or loss. In an indemnity arrangement, one party agrees to pay for potential losses or damage caused by another...
An indemnification clause ensures that you don’t face civil damages in several legal situations. In this article, we discuss indemnification, how it works in legal contracts, different types of indemnification, examples, and more. Let’s start by looking at its definition.
