What does indemnity mean in legal terms?

An indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event, called the 'trigger event'. The trigger event can be anything defined by the parties, including: a breach of contract. a party's fault or negligence. a specific action.

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Release and Indemnity Agreement for Settlement

Release Agreement Settlement Draft

Name: Release and Indemnity Agreement for Settlement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.62 (482 reviews)

Category:

Civil Procedure - Settlements

State:

Multi-State

Control #:

US-61070

Format:

Instant download

Description Release Settlement Complete

This form states that in order to obtain a compromise settlement and as a further inducement to the referred to parties to make the same, the natural parents and next friends of the minor, individually release and forever discharge the parties from any and all liability to them on account of the injuries and damages sustained by the minor in an accident.

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Release Settlement Other Form Names

Release Settlement Form Release Settlement Document Release Settlement Blank Release Settlement File Release Settlement Order Release Settlement Paper Release Settlement Sample

Release Settlement Statement FAQ

Lawyers call an agreement to settle a dispute a "release," because in exchange for some act (often the payment of money), one person gives up (or releases) his or her claim against another.

In its simplest form, indemnity means that one party in the contract is responsible for compensating another for loss, damages, and/or injury incurred as a result of that party's actions. In other words, indemnity provides a form of protection against a financial liability.

This form of a Release Agreement, Indemnity Agreement and Hold Harmless Agreement releases a party from certain specified liabilities. Releases are used to transfer risk from one party to another and protect against the released party or reimburse the released party for damage, injury, or loss.

In practice, a hold harmless and an indemnity are functionally equivalent in that both require a party to assume responsibility for losses incurred by another party in connection with certain acts and circumstances. Some argue that while an indemnity shifts losses, a hold harmless shifts both losses and liability.

Indemnity Only Settlement Now More Popular The Indemnity Only Settlement is when the Workers Comp adjusters settle the compensation payments part of the claim. The medical part of the claims is left open for the employee's lifetime.

An indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event, called the 'trigger event'. The trigger event can be anything defined by the parties, including: a breach of contract. a party's fault or negligence. a specific action.

Unlike a release, which suppresses a cause of action, an indemnity creates a potential cause of action between the indemnitee and the indemnitor.A release extinguishes any actual or potential claims the releasor may have against the releasee without regard to third parties.

Release Agreement Settlement Draft

Description Release Settlement Complete

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Release Settlement Other Form Names

Release Settlement Statement FAQ

What is a release in a settlement agreement?

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What is release and indemnity agreement?

Is indemnity the same as hold harmless?

What does release and indemnity mean?

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What does indemnity mean in legal terms?

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