what is indemnification
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The Concept of Indemnity in Business Contracts 1 Indemnity can also refer to compensation for loss or damage from the actions of another party. 2  And indemnity can also be described as a legal exemption from loss or damages, as in the case of an indemnity clause in a contract.
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- To indemnify the insured for all sums which he shall become legally obligated to pay as damages because of injury to or destruction of property, including the loss of use thereof, caused by accident and arising out of the ownership, maintenance or use of the automobile.
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cover Verb. 1. indemnify-secure against future loss, damage, or liability; give security for; This plan indemnifies workers against wages lost through illness. underwrite, insure, cover-protect by insurance; The insurance won't cover this.
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Conditions That Can Cause Knee Pain 1 Gout occurs when a substance called uric acid gathers in the knee, causing sharp pain. 2  Pseudogout can strike the knees after crystals of calcium pyrophosphate build up in the joints.  Septic arthritis, in which bacteria attack the joint, causes severe pain, swelling, and stiffness.
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indemnification Examples of indemnification in a sentence. that insurance company is known to be slow when processing claims for indemnification.
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- act of indemnity, an act of Parliament granting exemption to public officers from technical penalties that they may have been compelled to incur Word Origin C15: from Late Latin indemnitās, from indemnis uninjured, from Latin in-1 + damnum damage
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HOW TO READ A PUBLISHING AGREEMENT The indemnification clause in a publishing agreement obviously exposes the author to a great deal of risk, and should, at a minimum, cause the author to review carefully all material that he or she plans to include in the book.f the publisher fails to meet the deadline, the agreement will usually state that the author’s only remedy for the publisher’s failure to publish is to get back the rights in the book and to keep any advances that have been paid.
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- Indemnity is defined as protection from damage, injury, financial loss or legal liability. When you buy insurance and your insurance protects you from being sued or from financial loss, this is an example of indemnity. pl.
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Dismemberment Dismemberment is the act of cutting, tearing, pulling, wrenching or otherwise removing the limbs of a living thing. It has been practised upon human beings as a form of capital punishment, can occur as a result of a traumatic accident, or in connection with murder, suicide, or cannibalism. As opposed to surgical amputation of the limbs, dismemberment is often fatal to all but the simplest of creatures. In criminology, a distinction is made between offensive and defensive dismemberment. Intentional, criminal dismemberment is known as mayhem.
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- Indemnifying party shall indemnify, hold harmless, defend, and. protect indemnified party and its officers, directors, employees, assigns of, from and against any and all suits, actions, claims, losses, damages, liabilities, costs and expenses (including but. not limited to attorneys’.
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- exists and is an alternate of . I believe to indemnify means to hold harmless in the event of a problem. Actually almost the opposite...it means you will be responsible for and pay for the damages or hurt/costs suffered.
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What is 'Indemnity' What is 'Indemnity'. Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability for damages. The concept of indemnity is based on a contractual agreement made between two parties, in which one party agrees to pay for potential losses or damages caused by the other party.
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- Indemnity also includes an understanding that an injured party has a right to claim reimbursement or compensation for a loss or damage against the person who has the duty. And indemnity can also be described as a legal exemption from loss or damages, as in the case of an indemnity clause in a contract.
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restitution The act of restoring to the rightful owner something that has been taken away, lost, or surrendered. 2. The act of making good or compensating for loss, damage, or injury; indemnification. 3. A return to or restoration of a previous state or position.
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What is 'Indemnity' The word indemnity stems from the Latin root indemnis, meaning unhurt, undamaged or without loss.. Indemnity may be paid in the form of cash, or by way of repairs or replacement, depending on exactly what is spelled out in the indemnity agreement.
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- indiscriminate weapons are weapons that are aimed at a group of people but are hard to control and often lead to civilian fatalities. a gun is a discriminate weapon, you point … it at someone and you shoot. but a land mine is an indiscriminate weapon, they can and often do kill civilians.
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Indemnity Law and Legal Definition Indemnity Law & Legal Definition. Indemnity means compensation in money or property for a loss suffered. It also means a contract to save another from the legal consequences of the conduct of one of the parties or of a third person.It is an agreement whereby one party agrees to secure another against an anticipated loss or damage.ndemnity is a right which insures to a person who, without active fault on his/her own part, has been compelled, by reason of some legal obligation, to pay damages occasioned by the initial negligence of another, and for which s/he himself is only secondarily liable.
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Bond of Indemnity Law and Legal Definition It can also refer to an insurance policy that indemnifies a corporation, shareholder and/or transfer agent against any and all claims arising from the replacement of certificates or securities lost or stolen by the transfer agent.
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Indemnification Pitfalls in Commercial Contracts Fall 2015. Article. It is no secret that indemnification provisions in contracts can be difficult to read; the goal of many appears to be sleep or confusion. One unfortunate result of the opacity is that these provisions are often treated as “boilerplate” and do not receive the attention they deserve.
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indemnify The definition of indemnify is to protect against loss, injury or damage or to pay someone for a loss they suffered. An example of indemnify is when your insurance provider pays you for the repair of damage to your car. indemnify. indemnify. To protect against damage, loss, or injury; insure.
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What is 'Indemnity' DEFINITION of 'Indemnity'. Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability for damages. The concept of indemnity is based on a contractual agreement made between two parties, in which one party agrees to pay for potential losses or damages caused by the other party.
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What is 'Indemnity' Indemnity is common in agreements between an individual and a business (for example, an agreement to obtain car insurance), but it also applies, on a larger scale, to relationships between businesses and government or between governments of two or more countries.
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- Indemnity insurance is an insurance policy that protects business owners and employees from losses due to failure to deliver expected services.
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- indemnification agreement should allocate risk to the party who is best able to manage the risk. Indemnity agreements which do not allocate risk to the party who is best able to manage it. should be reviewed with your risk management team.
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- indemnification agreement should allocate risk to the party who is best able to manage the risk. Indemnity agreements which do not allocate risk to the party who is best able to manage it should be reviewed with your risk management team. Indemnities provided by Institution’s which meet the definition of a government corporation
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Why Directors and Officers Should Demand a Separate Indemnification Agreement But the director or officer who relies exclusively on these protections does herself a disservice. She should also demand a separate indemnification agreement between herself and the corporation. Indemnification agreements offer several advantages over the indemnification provisions in organizational documents.