Search results
Jan 25, 2024 · A letter of indemnity (LOI) is a legal agreement that renders one or both parties to a contract harmless in case of delinquency or breach of a contract. The party or parties are indemnified...
So, a letter of indemnity, or the more often used indemnity clause in a Sales and Purchase Agreement (SPA), secures the indemnity holder (buyer or seller) against potential financial losses resulting from the other party’s conduct.
Sep 5, 2022 · In a business transaction, a letter of indemnity (LOI) is a contractual document guaranteeing that specific provisions will be met between two parties in the event of a mishap leading to financial loss or damage to goods.
Mar 30, 2020 · If a business has a loss on a piece of property and the insurance company has agreed to pay the claim, the insurance company may write a letter of indemnity to the lender assuring that the insurance proceeds will go towards the repair of the property.
Feb 6, 2023 · An indemnity policy can be purchased from specialist legal insurers to cover various types of risks or property defects. It protects the purchaser from a reduction in value as a result of the potential issue.
Jun 2, 2024 · An Indemnity Agreement can be used in a wide range of situations, including the indemnitee providing or receiving services, allowing the indemnifier to use their property, or entering into a contractual agreement.
Oct 31, 2022 · An Indemnity Agreement (also known as a Hold-Harmless Agreement) protects someone from liabilities, losses, claims, or damages when conducting a service, transaction, or activity with another party. In simple terms, indemnity refers to one party compensating another for their losses.
