2024 Legal definition of indemnify

Legal definition of indemnify

Author: cpdv

August undefined, 2024

NettetIndemnify. To compensate for loss or damage; to provide security for financial reimbursement to an individual in case of a specified loss incurred by the person. Insurance companies indemnify their policyholders against damage caused by such things as fire, theft, and flooding, which are specified by the terms of the contract … NettetAn 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 …

Indemnity in contracts - What

NettetFor example, the term "indemnify" is used when a business hopes to protect itself against claims from a customer's error, while a hold harmless clause prevents a business from taking any responsibility for a customer's mistake. Experts recommend that both terms be included for maximum protection. A breach of contract activates the lowest level ... Nettet8. okt. 2024 · Indemnities are broad promises that you give the other party to compensate for losses or damages. Alternatively, the other party can give you an … arti futari dalam bahasa jepang

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Nettet21. mar. 2024 · Some of the most common types of indemnity include insurance indemnity contracts. Companies operating in the construction industry may also have indemnity contracts in their construction contracts. Agency contracts are also another area that requires well-drafted indemnity contracts. The written agreement in these kinds of … NettetStandard drafting of this clause will include that the indemnitor agrees to “indemnify, defend, and hold harmless” the indemnitee. It’s crucial to include this phrase in every indemnity agreement. ‌ Scope of coverage. Your indemnity agreement should state the extent of protection the indemnitee can claim under the transaction. Nettetindemnify definition: 1. to pay or promise to pay someone an amount of money if they suffer damage or loss: 2. to…. Learn more. arti fwa adalah

Indemnify Examples, Processes - Legal Dictionary

Indemnity Definition & Meaning - Merriam-Webster

NettetIndemnify Law and Legal Definition. To indemnify means to reimburse another for a loss suffered because of a third party's or one's own act or default. It can also refer to a promise to reimburse another for such a loss or to give another security against such a loss. For e.g., insurance companies indemnify their policyholders against damage ... Nettet29. nov. 2024 · In the majority of contracts, an indemnification clause exists to pay a party for harm or loss caused by the other party’s. The purpose is to transfer liability from one party to the other party. A civil action typically results from a factor within the indemnifying party’s control. Additionally, an indemnification clause will typically ... arti futsal adalahNettet27. aug. 2015 · To indemnify means to compensate another party for losses or damages that have occurred, or which may occur in the future. It is a common practice for one … arti fungsi dalam matematika

"NettetIn contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts … " - Legal definition of indemnify

Legal definition of indemnify

NettetIndemnify. To compensate for loss or damage; to provide security for financial reimbursement to an individual in case of a specified loss incurred by the person. Insurance companies indemnify their policyholders against damage caused by such things as fire, theft, and flooding, which are specified by the terms of the contract … NettetIndemnify. To compensate for loss or damage; to provide security for financial reimbursement to an individual in case of a specified loss incurred by the person. …

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Nettet10. des. 2024 · Indemnity insurance is one way to be protected against claims or lawsuits. This insurance protects the holder from paying the full amount of a settlement, even if it … Nettet21. jul. 2024 · When an indemnification clause is inserted into a contract, it is meant to transfer risk between the contracted parties. In most cases, these clauses are used to make sure that a potential loss will be compensated. If you are the party covered by this clause, it means that the other contractual party is promising to compensate you if their ...

Nettet12. apr. 2024 · Indemnity is compensation for damages or loss, and in the legal sense, it may also refer to an exemption from liability for damages. The concept of indemnity is … NettetAn indemnity is routinely included within a contract of guarantee because an indemnity, as a primary obligation, is likely to be less vulnerable to challenges than a …

NettetDefinition of indemnify as in to compensate to provide (someone) with a just payment for loss or injury the company generously indemnifies workers who are injured on the job NettetIndemnify. To compensate for loss or damage; to provide security for financial reimbursement to an individual in case of a specified loss incurred by the person. …

NettetEnter a Legal Term. all words any words phrase. Search the Definitions. all words any words phrase. indemnify. v. to guarantee against any loss which another might suffer. Example: two parties settle a dispute over a contract, and one of them may agree to pay any claims which may arise from the contract, ...

bandai hobby - rg 1/144 wing gundamNettetto protect someone against legal responsibility for their actions: He cannot sue, because the government had indemnified the company. The state is required to indemnify … arti fwb adalahNettet10. apr. 2024 · Additional Author: James Alford. On February 15, the US Securities and Exchange Commission (the “SEC” or the “Commission”) proposed rule changes (the “Proposal”) to enhance protections of client assets managed by investment advisers registered with the SEC (“RIAs”). 1 If adopted, the changes would amend Rule 206(4) … arti fur bahasa inggrisNettetBritannica Dictionary definition of INDEMNIFY. [+ object] law. 1. : to protect (someone) by promising to pay for the cost of possible future damage, loss, or injury. The policy indemnifies [= insures] you against/for any losses caused by fire. [=the policy promises that if fire destroys things that you own, you will be given money to buy new ... bandai hobby rg - #36 hi-nu gundamNettetDefine indemnify. indemnify synonyms, indemnify pronunciation, indemnify translation, English dictionary definition of indemnify. tr.v. in·dem·ni·fied , in·dem·ni·fy·ing , … arti fungsionalisasiNettet27. des. 2024 · Indemnification is a legal agreement by one party to hold another party blameless – not liable – for potential losses or damages. It is similar to a liability … arti futur dalam islamNettet12. apr. 2024 · The structure of the general insuring clause was such that no liability to indemnify in respect of loss occasioned by war ever arose. The exclusions were part of the definition of the scope of cover, not exemptions from liability for cover which would otherwise exist. The court said that no liability arises if the “exclusion” applied. bandai hobby rg 1 144 28