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- Dictionaryindemnity/ɪnˈdɛmnɪti/
noun
- 1. security or protection against a loss or other financial burden: "no indemnity will be given for loss of cash" Similar
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noun
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Expenses that are made to compensate for disadvantages suffered or restrictions
In contract law, an indemnity is a contractual obligation of one party to compensate the loss incurred by another party 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". In contrast, a "guarantee" is an obligation of one party (the guarantor) to another party ... Wikipedia