Webindemnify verb [ T ] uk / ɪnˈdem.nɪ.faɪ / us / ɪnˈdem.nə.faɪ / finance & economics formal or specialized to pay or promise to pay someone an amount of money if they suffer damage or loss: In return for a premium, the underwriter agrees to indemnify the insured against losses covered by the insurance. WebJul 13, 2024 · “The Contractor shall fully defend, indemnify and hold harmless the Indemnified Persons from any and all third party claims, demands, causes of action, damages, losses, and expenses (including attorney’s fees) of whatsoever nature, character, or description arising out of or related to errors, omissions, inconsistencies, inaccuracies ...
Indemnification Clauses in Commercial Contracts - Thomson Reuters
WebOct 30, 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 ... WebSep 26, 2024 · To agree to indemnify another party means you are agreeing to compensate that party for the losses and damages outlined in the contract. For example, let’s say a farmer rents equipment from a rental company and signs an agreement in which he agrees to the following: freebitco.in scam
What Is an Indemnity Agreement? Ironclad
WebAn 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 more information, see Practice note: overview, Guarantees and indemnities. WebOct 21, 2006 · Black’s Law Dictionary supports my view. 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. WebFor 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 … blockchain millionaire: my top 3 tiny cryptos