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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Florida Indemnity Agreement

Florida Indemnity Agreement

Name: Florida Indemnity Agreement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.64 (319 reviews)

Category:

Florida Workers Compensation - Official - Agreements

State:

Florida

Control #:

FL-SI-11-WC

Format:

Instant download

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Description

Indemnity Agreement

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FAQ

The short answer is no. Despite some similarities, insurance and indemnity are separate entities altogether, with the key differentiator being that you can have indemnity without an insurance policy (for example, many business contracts include indemnity clauses), but not the other way around.

Even if your hold harmless is enforceable, it may only be enforceable against the property ownernot third parties.Remember that in Florida, if there is any ambiguity in the hold harmless agreement, or any language that is vague or confusing, it will be interpreted in your (as the consumer) favor.

Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.

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.

Company/Business/Individual Name shall fully indemnify, hold harmless and defend _______ and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not

It's still your business decision whether you sign them or not, but you should do so only where it is a critical contract that you have no way of modifying or negotiating changes. In contrast, the best kind of Indemnity Agreement is commonly called a Mutual Indemnity Agreement or a Mutual Hold Harmless Provision.

Identify Time Periods for Asserting Indemnification Rights. Provide Notice in a Timely Fashion. Notify All Concerned Parties. Understand Limitations on Recovery. Exclusive Remedy. Scope of Damages. Claims Process/Dispute Resolution.

The date of the agreement. The name of the person held harmless or protected, with their address. The name of the other party to the agreement, with their address. Details about the activity or event the agreement is about, such as horseback riding or country club membership.

Drafting of the indemnity clause An indemnifier must limit the amount of indemnities that is given while entering into a contract. An express obligation must be imposed so as to minimize the loss, and the duration of time in which the claim can be brought must be limited.

Florida Indemnity Agreement

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What does indemnity mean in legal terms?

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