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.

How does an indemnity clause work?

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

What does an indemnification clause mean?

Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It's a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.

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Indemnification Agreement and Warranty from Customer Regarding...

Warranty Regarding

Name: Indemnification Agreement and Warranty from Customer Regarding Embroidering or Monogramming
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.6 (331 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

Control #:

US-00453BG

Format:

Instant download

Description Warranty Regarding Sample

The purpose of this form is to provide protection to a person or business who embroiders or monograms intellectual property in a item. In this form, the customer both warrants that he/she has the right to use the property and promises to indemnify the business or individual who prepares the embroidery or monogram.

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Agreement Customer Regarding FAQ

Transitive verb. 1 : to secure against hurt, loss, or damage. 2 : to make compensation to for incurred hurt, loss, or damage. Other Words from indemnify Synonyms Choose the Right Synonym Example Sentences Learn More about indemnify.

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

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.

Indemnify and Indemnification To indemnify someone is to absolve that person from responsibility for damage or loss arising from a transaction. Indemnification is the act of not being held liable for or being protected from harm, loss, or damages, by shifting the liability to another party.

An indemnity clause is a contractual transfer of risk between two contractual parties generally to prevent loss or compensate for a loss which may occur as a result of a specified event.

The most important part of an indemnification clause is that it protects the indemnified party from lawsuits filed by third parties. This protection is important because damaged parties are still able to pursue compensation for their losses even if this clause isn't in the contract.

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.

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It's a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.

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Agreement Customer Regarding FAQ

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What does indemnification mean in a contract?

What is the purpose of an indemnity?

What happens when you indemnify someone?

What does the indemnity clause mean?

Are indemnification clauses necessary?

What does indemnity mean in legal terms?

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What does an indemnification clause mean?

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