The meaning of indemnify
Splet28. okt. 2024 · Indemnification means one party agrees to pay losses incurred by another to a third party. 4 min read 1. Indemnification: What is it? 2. Why Is an Indemnity Clause Important? 3. Reasons to Consider Not Indemnifying: 4. Reasons to Consider Indemnifying: 5. Example: Your Contract Contains a Well-Drafted Indemnity Clause 6. With Indemnity 7.
The meaning of indemnify
Did you know?
Splet30. okt. 2024 · Indemnity insurance is an insurance policy designed to protect professionals and business owners when they are found to be at fault for a specific event such as misjudgment. Typical examples of ... Splet25. maj 2024 · Synonyms of indemnify are as follows: Hold harmless Remunerate Put up money Settle accounts with Compensate Indemnification Agree to pay Make secure …
SpletThe meaning of INDEMNITY is security against hurt, loss, or damage. How to use indemnity in a sentence. security against hurt, loss, or damage; exemption from incurred penalties … SpletTo 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 …
Splet30. jun. 2024 · An indemnity clause is a common provision in a contract where one party agrees to compensate the other party if harm or loss is incurred. It is an essential clause in a contract as it can have heavy consequences for the party offering the indemnity. Review these carefully if your contract includes a “hold harmless” or “make good” clause. Spletnoun in· dem· ni· ty in-ˈdem-nə-tē plural indemnities Synonyms of indemnity 1 a : security against hurt, loss, or damage b : exemption from incurred penalties or liabilities 2 a : …
Splet05. nov. 2024 · To indemnify is to make a payment to another to reimburse a loss. Insurance companies indemnify policyholders for covered losses. Guaranteed …
Splet21. jul. 2024 · The words defend, hold harmless, and indemnify must be included in an indemnification clause. Essentially, hold harmless and indemnify mean the exact same thing. ... For instance, if your contract includes a mutual indemnification clause, it means that both contracted parties have agreed to cover losses that result from a breach of … gourmet kitchen produce crisperSpletindemnified; indemnifying 1 : to secure against hurt, loss, or damage 2 : to compensate or reimburse for incurred hurt, loss, or damage indemnifier noun Etymology Latin indemnis unharmed, from in- not + damnum … child pipiSpletRecompense for loss, damage, or injuries; restitution or reimbursement. An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual. child plSpletWhat does Indemnity mean? An indemnity is an agreement by one party (the indemnifying party) to bear the cost of certain losses or liabilities incurred by another party (the indemnified party) in certain circumstances. An indemnity will typically give rise to a right to an on demand payment without the need to prove a breach of contract. child pip formSplet21. okt. 2006 · It defines hold harmless as follows: “To absolve (another party) from any responsibility for damage or other liability arising from the transaction; INDEMNIFY.” (It defines indemnify as follows: “To reimburse (another) for a loss suffered because of a third party’s or one’s own act or default. 2. To promise to reimburse (another) for such a loss. child planetSplet12. apr. 2024 · indemnify in American English. (ɪnˈdɛmnɪˌfaɪ ) verb transitive Word forms: inˈdemniˌfied or inˈdemniˌfying. 1. to protect against or keep free from loss, damage, etc.; … gourmet kitchen pantry binsSplet28. jan. 2024 · Using the obligation to indemnify, the duty to defend, and the obligation to hold harmless properly in contracts helps ensure a party is taking on the right amount of … gourmet kitchen mixing bowls with lids