Indemnification is the act of making another "whole" by paying any loss another might suffer. This usually arises from a clause in a contract where a party agrees to pay for any monetary damages which arise or have arisen.
Wake North Carolina Indemnification of Purchaser of Personal Property from Estate
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FAQ
In M&A terminology, a basket is often referred to as either a tipping basket or a true deductible. A tipping basket provides that once the buyer has incurred losses equal to the agreed amount, the buyer is entitled to full recovery of all losses, from the first dollar of losses.
A buyer indemnity is a clause included in the purchase and sale agreement (PSA), which relates to the reps and warranties provided by the buyer. It is often a clause buried toward the end of the PSA, but nonetheless an important component of the agreement for the seller.
To indemnify means to compensate someone for his/her harm or loss. 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.
An indemnification provision allocates the risk and expense in the event of a breach, default, or misconduct by one of the parties. By Jennifer Paley. An indemnification provision, also known as a hold harmless provision, is a clause used in contracts to shift potential costs from one party to the other.
To indemnify means that the seller will reimburse the buyer for a loss or liability. To defend means that the seller will pay the buyer's legal fees for suits that arise from specific risks articulated in the contract.
What are Indemnification Clauses? 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.
Indemnification in real estate defines the buyer taking full responsibility for what should be the seller's fault otherwise. For example, you agree to purchase a property with minor flaws caused by the seller.
To indemnify means that the seller will reimburse the buyer for a loss or liability. To defend means that the seller will pay the buyer's legal fees for suits that arise from specific risks articulated in the contract.
"Each party agrees to indemnify, defend, and hold harmless the other party from and against any loss, cost, or damage of any kind (including reasonable outside attorneys' fees) to the extent arising out of its breach of this Agreement, and/or its negligence or willful misconduct."
Example 1: Here is an example of a simple indemnity clause in a contract: "I hereby release, acquit and discharge company and its agents and employees from any liability arising from any circumstance including the negligence of company or its employees.
