Was Does Indemnification Mean?
In Contract Law, Indemnity Is a Contractual Obligation of One Party to Compensate the Loss Incurred to the Other Party Due to the Acts of the Indemnitor or Any...
In contract law, indemnity is a contractual obligation of one party to compensate the loss incurred to the other party due to the acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
What does indemnification mean in a contract?
Indemnity is a comprehensive form of insurance compensation for damages or loss. ... 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.
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What does indemnity mean in legal terms?
To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.
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