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Indemnification: Understanding an Indemnification Clause An indemnification clause ensures that you don’t face civil damages in several legal situations In this article, we discuss indemnification, how it works in legal contracts, different types of indemnification, examples, and more
Indemnification - Definition, How it Works, Importance 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 waiver but is usually more specific, applicable only to particular items, circumstances, or situations, or in regard to a particular contract
Indemnify Examples, Processes - Legal Dictionary 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 party to guarantee it will compensate another party for any loss that may occur due to a contractual obligation
What is Indemnification? A Comprehensive Guide | UpCounsel What does indemnification mean in company law? In company law, more often referred to as business law, indemnification refers to the process of a company agreeing to compensate its officers, directors, and employees for certain liabilities or legal costs that arise from the company’s actions
indemnify | Wex | US Law | LII Legal Information Institute To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event
What is Indemnification? Indemnification Clauses Explained - OFlaherty Law Indemnification clauses, also known as indemnity agreements, are contractual promises in which one party commits to compensating another for any losses incurred These serve as a protective measure that addresses uncertainties and potential risks associated with the contract
indemnification - Meaning in law and legal documents, Examples and FAQs . . . Indemnification is a legal term that means one party agrees to compensate another party for certain damages or losses Essentially, if something goes wrong, the indemnifying party will cover the costs or losses incurred by the other party What does indemnification mean in a contract?
What Is Indemnification? - American Legal Journal An indemnity involves one party paying a specific form of loss directly to the other Therefore, an indemnity is a primary obligation, while a guarantee is a secondary obligation