Meaning of indemnity law
WebIndemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain … WebDefine THIS GUARANTEE AND INDEMNITY. means this Deed of Guarantee and Indemnity; (d) the expression "PERSON" includes an individual, the estate of an individual, a body politic, corporation and a statutory or other authority or association (incorporated or unincorporated); (e) a reference to any party includes that party's executors, …
Meaning of indemnity law
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WebDefinition: Double indemnity refers to the payment of twice the basic benefit in the event of a specified loss, especially in an insurance contract requiring the insurer to pay twice the policy's face amount in the case of accidental death.
WebNov 29, 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 ... Webindemnify 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, holding the other harmless. (See: hold harmless) Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved. indemnify
Web1 a : security against hurt, loss, or damage b : exemption from incurred penalties or liabilities 2 a : indemnification sense 1 b : something that indemnifies 3 : fee-for-service usually … Webindemnity noun [ C or U ] uk / ɪnˈdemnəti / us plural indemnities INSURANCE protection against possible damage or loss, or the money paid if there is damage or loss: indemnity …
WebDec 10, 2024 · The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which …
WebThe meaning of INDEMNIFICATION is the action of indemnifying. the action of indemnifying; the condition of being indemnified; indemnity… See the full definition dishwasher pump costWebAn 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 guarantee. For … dishwasher pull starterWebNov 29, 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 … dishwasher pump cover screwsWebindemnity noun [ C/U ] law us / ɪnˈdem·nɪ·t̬i / protection against possible damage or loss, esp. a promise of payment, or the money paid if there is such damage or loss (Definition … cowabunga water park hendersonWebDefine Manager Indemnity Obligation. is defined in Section 8.7(b). Related to Manager Indemnity Obligation. Contract means the agreement that results from the acceptance of a bid by an organ of state;. Person means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint … cowaburger hillsboro menuWebApr 5, 2024 · A letter of indemnity (LOI) is a legal agreement that renders one or both parties to a contract harmless by some third party in the event of a delinquency or breach by the contracted parties. In... cowaburger hillsboro ohioWebMay 5, 2024 · By Taylor Brown – May 5, 2024. For many reasons, one of the most contentious terms in any contract negotiation tends to be an indemnity clause. First, it’s an explicit definition of liability once fault is determined, and may even impose obligations before any formal determination of fault. Second, the liability impositions may have a ... cowaburger hillsboro