What is indemnity with example?
To indemnify something basically means to make good a loss. In other words, it means that one party will compensate the other in case it suffers some losses. For example, A promises to deliver certain goods to B for Rs. 2,000 every month.
What is another word for indemnification?
Some common synonyms of indemnify are compensate, pay, recompense, reimburse, remunerate, repay, and satisfy. While all these words mean "to give money or its equivalent in return for something," indemnify implies making good a loss suffered through accident, disaster, warfare.
What is indemnification principle?
Principle of Indemnification — a defining characteristic of insurance, providing that a loss payment will replace what is lost, putting the insured back to where it was financially prior to the loss without rewarding or penalizing the insured for its loss.
[PDF] Indemnities - ACEC
Indemnities - ACEC www acec org/default/assets/File/Indemnities pdf Pared down the concept of indemnification (or hold harmless) is simple: (It is possible your client means willful misconduct or malicious acts instead
[PDF] Indemnification: Banish the Word! - State Bar of Michigan
Indemnification: Banish the Word! - State Bar of Michigan www michbar org/file/barjournal/article/documents/ pdf 4article2252 pdf And Rebuild Your Indemnity Clause from Scratch Indemnification: Banish the Word! lients often ask me what indem nification means I tell them the
[PDF] CONTRACT DRAFTING AND NEGOTIATION: INDEMNIFICATION
CONTRACT DRAFTING AND NEGOTIATION: INDEMNIFICATION www law buffalo edu/content/dam/law/restricted-assets/ pdf /cle/191213-materials pdf The basic purpose of contractual indemnification is to provide Losses and Damages – What is Covered – Definitions of “Costs” and “Losses”
[PDF] Defense and Indemnification Provisions: Lessons Learned from
Defense and Indemnification Provisions: Lessons Learned from www acc com/sites/default/files/2019-03/10-9-18-Contracts-Conference-Session-1 pdf Scenario: – Contractor hires subcontractor The subcontractor agrees to a boilerplate indemnification clause It agrees to indemnify and hold harmless the
[PDF] Indemnity- and Hold Harmless Clauses - UiO
Indemnity- and Hold Harmless Clauses - UiO www jus uio no/ifp/english/research/projects/anglo/essays/bjerketveit_abstract pdf define in general the exact content of indemnity clauses as this will depend upon the However there are a few basic differences worth pointing out
[PDF] Indemnification (Unilateral; Pro-Indemnified Party) (OH) - Dinsmore
Indemnification (Unilateral; Pro-Indemnified Party) (OH) - Dinsmore www dinsmore com/content/uploads/2018/02/General-Contract-Clauses-Indemnification-Unilateral-Pro-Indemnified-Par pdf General Contract Clauses: Indemnification (Unilateral; Pro-Indemnified Party) 1 Indemnification ▫ Capitalized terms are defined elsewhere in the agreement
[PDF] Open-Ended Indemnification Clauses
Open-Ended Indemnification Clauses www gao gov/assets/2020-01/issues pdf Finally petitioners' equitable ap- peal to "simple fairness" is considerably weakened by the fact that the injured veterans could not recover from the
[PDF] BULLETIN 20 – Part I
BULLETIN 20 – Part I www ccdc org/wp-content/uploads/2017/02/Bulletin20Part1 pdf Indemnification and hold harmless provisions are obligations we see in most contracts To indemnify means to compensate An indemnification provision is an
[PDF] Indemnification Clauses in Commercial Contracts (GA)
Indemnification Clauses in Commercial Contracts (GA) www bakerdonelson com/files/Indemnification 20Clauses 20in 20Commercial 20Contracts 20(GA) pdf This Note discusses the meaning and benefits of indemnity under Georgia law and helps parties to correctly draft and negotiate an indemnification provision
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