Legal definition of indemnify
Nettetsecurity against hurt, loss, or damage; exemption from incurred penalties or liabilities; indemnification… See the full definition Nettetto protect someone against legal responsibility for their actions: He cannot sue, because the government had indemnified the company. The state is required to indemnify …
Legal definition of indemnify
Did you know?
Nettet29. nov. 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 ... NettetStandard drafting of this clause will include that the indemnitor agrees to “indemnify, defend, and hold harmless” the indemnitee. It’s crucial to include this phrase in every indemnity agreement. Scope of coverage. Your indemnity agreement should state the extent of protection the indemnitee can claim under the transaction.
NettetDefine indemnify. indemnify synonyms, indemnify pronunciation, indemnify translation, English dictionary definition of indemnify. tr.v. in·dem·ni·fied , in·dem·ni·fy·ing , … Nettet27. des. 2024 · 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 …
NettetTo 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 … Nettet28. jan. 2024 · A contractual indemnification provision often begins with a statement that a party shall “indemnify, defend and hold harmless” one or ... legal advice. 223 18 …
Nettetindemnity: [noun] security against hurt, loss, or damage. exemption from incurred penalties or liabilities.
NettetDefine indemnify. indemnify synonyms, indemnify pronunciation, indemnify translation, English dictionary definition of indemnify. tr.v. in·dem·ni·fied , in·dem·ni·fy·ing , in·dem·ni·fies 1. ... Legal Dictionary; Financial Dictionary; Acronyms. Idioms; Encyclopedia; Wikipedia how to lay down in battlefield 5NettetIndemnify Law and Legal Definition. To indemnify means to reimburse another for a loss suffered because of a third party's or one's own act or default. It can also refer to a promise to reimburse another for such a loss or to give another security against such a loss. For e.g., insurance companies indemnify their policyholders against damage ... how to lay down in day of dragonsNettetIndemnify. To 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 indemnify their policyholders against damage caused by such … Definition of indemnify in the Idioms Dictionary. indemnify phrase. What does … In most insurance contracts, the insurer agrees to both indemnify the … We would like to show you a description here but the site won’t allow us. hold harmless: n. a promise to pay any costs or claims which may result from an … Definition of indemnify (someone or something) against (something) in the … insurable interest: A right, benefit, or advantage arising out of property that is … Definition of indemnifier in the Legal Dictionary - by Free online English … indemnify: To compensate for loss or damage; to provide security for financial … how to lay down flagstone paversNettet26. aug. 2024 · Notwithstanding the foregoing legal definition Notwithstanding the foregoing indicates to the reader that what the author is about to say supersedes or prevails over what was just presented. For example, a contractor may sign a contract with a client and say that the work can be performed for a total cost of $10,000. how to lay down gravel drivewayNettetAn indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event, called the 'trigger event'. The trigger event can be anything defined by the parties, including: a breach of contract. a party's fault or negligence. a specific action. An indemnity operates as a transfer of risks between the ... josh brown nflNettet21. mar. 2024 · Some of the most common types of indemnity include insurance indemnity contracts. Companies operating in the construction industry may also have indemnity contracts in their construction contracts. Agency contracts are also another area that requires well-drafted indemnity contracts. The written agreement in these kinds of … how to lay down in gpoNettetDefinition of indemnify as in to compensate to provide (someone) with a just payment for loss or injury the company generously indemnifies workers who are injured on the job how to lay down in east brickton