Does indemnify mean reimburse?

Black's Law Dictionary says that indemnify means both To reimburse (another) for a loss suffered because of a third party's or one's own act or default and To promise to reimburse (another) for such a loss. So indemnify can be used in both language of obligation (Acme shall indemnify Widgetco) and language of

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Indemnity Provisions - Means of Securing the Payment of the Indemnity

Philadelphia Pennsylvania Indemnity Provisions - Means of Securing the Payment of the Indemnity

Name: Philadelphia Pennsylvania Indemnity Provisions - Means of Securing the Payment of the Indemnity
Brand: US Legal Forms
Rating: 4.85 (245 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

County:

Philadelphia

Control #:

US-ND1014

Format:

Instant download

Description

This form provides boilerplate contract clauses that outline means of securing the funds for payment of any indemnity, including use of an escrow fund or set-offs.

How to fill out Philadelphia Pennsylvania Indemnity Provisions - Means Of Securing The Payment Of The Indemnity?

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FAQ

An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

The purpose of indemnity agreements is to shield a party from liability associated with a contracting party's negligence or carelessness.

Indemnity Payments (1) The losses paid or expected to be paid directly to an insured by an insurer for first-party (e.g., property) coverages or on behalf of an insured for third-party (e.g., liability) coverages. (2) Payments made by the indemnitor under a hold harmless clause on behalf of the indemnitee.

Contractual Liability Coverage The indemnity provision is the key to affording liability coverage to persons other than the insured. Absent an indemnity provision, coverage is available only to those named as insureds under the liability policy.

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.

The principle of indemnity ensures that an insurance contract protects you from and compensates you for any damage, loss, or injury. The purpose of an insurance contract is to make you "whole" in the event of a loss, not to allow you to make a profit.

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities.

Black's Law Dictionary says that indemnify means both To reimburse (another) for a loss suffered because of a third party's or one's own act or default and To promise to reimburse (another) for such a loss. So indemnify can be used in both language of obligation (Acme shall indemnify Widgetco) and language of

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.

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52.104 Procedures for modifying and completing provisions and clauses. Put simply, indemnity is security or protection against a loss.Intervenor Philadelphia Indemnity Insurance Company. PHILADELPHIA INDEMNITY INSURANCE COMPANY, Appellant, v. For many reasons, one of the most contentious terms in any contract negotiation tends to be an indemnity clause. Even with medical coverage, out-of-pocket expenses such as rehabilitation, transportation and childcare can quickly add up. Indemnity provisions void. Philadelphia Indemnity Insurance Company will continue to be the insurance carrier.

Philadelphia Pennsylvania Indemnity Provisions - Means of Securing the Payment of the Indemnity

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