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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...
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. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
Apr 2, 2020 · An indemnity clause is a clause that allocates certain identified legal and commercial risks between contracting parties to the party who is best-placed to manage them. Indemnity clauses are sometimes also referred to as “indemnities” or “indemnified matters”.
Jun 25, 2024 · An indemnity form is a contractual document where one party (the indemnitor) agrees to compensate another party (the indemnitee) for any losses or damages incurred. This form is commonly used to transfer risk from one party to another, ensuring that the indemnitee is protected from potential liabilities arising from specific actions ...
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.
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.
May 13, 2019 · An indemnity clause transfers liability and may, in certain circumstances, be treated as a term excluding or limiting liability; this means that it may fall under the remit of the Unfair Contract Terms Act 1977 (UCTA 1977).
What is Indemnity? The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party.
Jan 29, 2022 · An indemnity clause consists of a commitment from one group (the indemnifier) who is obligated to pay for the monetary loss incurred by the other party (the indemnified party) where a pre-agreed event does or does not happen.
Indemnity agreements are classified based on the degree of protection they offer the indemnified party. Broad form indemnity agreement. Under a broad form indemnity agreement, a party is indemnified from liability even when that party is the sole cause of the liability.
