WebAn indemnity is routinely included within a contract of guarantee because an indemnity, as a primary obligation, is likely to be less vulnerable to challenges than a guarantee. For … WebDistributor shall indemnify, hold harmless and defend Supplier, its successors and assigns for all losses, claims and defense costs claimed by any third party for any injury, death or property damage suffered by such third party to the extent resulting from Distributor’s negligence, willful misconduct or breach of this Agreement.
What Is Indemnity Insurance? How It Works and Examples - Investopedia
WebMar 19, 2024 · In law, to indemnify means to protect a party from suffering any losses. Indemnity is a form of compensation for losses or damages, often in relation to a legal contract. The term refers to both the … WebFrom Longman Business Dictionary in‧dem‧ni‧fy /ɪnˈdemnɪfaɪ/ verb (past tense and past participle indemnified) 1 [ intransitive, transitive] to promise to pay for a financial loss that a person or organization may have You can be indemnified against claims for professional negligence, ruined holidays and so on. 2 [ transitive] to pay someone money … mortgagor\u0027s equity of redemption
Indemnify Definition & Meaning Britannica Dictionary
Webindemnify. v. to guarantee against any loss which another might suffer. Example: two parties settle a dispute over a contract, and one of them may agree to pay any claims … WebSep 26, 2024 · To agree to indemnify another party means you are agreeing to compensate that party for the losses and damages outlined in the contract. For example, let’s say a farmer rents equipment from a rental company and signs an agreement in which he agrees to the following: WebDec 27, 2024 · 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 … minecraft topg