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- Indemnification: Understanding an Indemnification Clause
Indemnifications in legal terms are contractual provisions where one or both parties agree to compensate the other for any harm or loss resulting from damages caused by a third party Insurance companies may require businesses to indemnify their vendors for liability coverage
- Indemnification - Definition, How it Works, Importance
Indemnification is a legal agreement by one party to hold another party blameless – not liable – for potential losses or damages It is similar to a liability waiver but is usually more specific, applicable only to particular items, circumstances, or situations, or in regard to a particular contract
- What is Indemnification? A Comprehensive Guide - UpCounsel
In the business world, indemnification is a safety net, providing parties with financial protection from loss or damages that result from another’s actions This often leads to more desirable business relationships Indemnification should not be confused with a warranty or insurance
- What Does Indemnification Mean in Contract Law? - LegalMatch
Indemnification, also called indemnity, is an implementation by one party (the indemnifying party) to pay the other party (the indemnified party) for specific expenditures and costs, generally originating from third-party lawsuits
- indemnify | Wex | US Law | LII Legal Information Institute
To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event Typically, parties make a written agreement in which one party (indemnitor) promises to indemnify the other party (indemnitee) for future specified losses
- INDEMNIFICATION Definition Meaning - Merriam-Webster
The meaning of INDEMNIFICATION is the action of indemnifying
- What is Indemnification? Indemnification Clauses Explained
Indemnification clauses, also known as indemnity agreements, are contractual promises in which one party commits to compensating another for any losses incurred These serve as a protective measure that addresses uncertainties and potential risks associated with the contract
- Indemnification Clause 101: A Simplified Guide - Hithentic
An indemnification clause is a commercial clause in a contract that helps allocate risk between the parties involved; it allows one party to compensate another party for any losses they have suffered Basically, it’s a way to shift risk from one party to another
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