Over indemnification definition

Author: bhdf

August undefined, 2024

WebThe legal definition of indemnification clause is “the obligation of one party to compensate the other party for harm or loss incurred”. In simpler terms, for service based businesses, if something bad happens to a third party during the event you are servicing then this clause tells you who is responsible for paying the resulting damages ... WebThe indemnity insurance definition is where one party promises compensation for potential or actual losses or damages that another party causes in a contractual agreement. This is commonly an insurance policy that protects business owners and professionals when they're at fault for events like misjudgment. Examples of this include errors ...

indemnification - IRMI

Web1 a : the action of indemnifying b : the condition of being indemnified 2 : indemnity sense 2b Synonyms compensation damages indemnity quittance recompense recoupment … WebIndemnity is compensation to a party for a loss or damage that has already occurred or to guarantee... indemnity contract An indemnity contract is an agreement to pay on behalf … genus division crossword clue

Indemnification - definition of indemnification by The Free Dictionary

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 one party agrees to pay for losses or damages suffered by the other party. WebJul 15, 2024 · An indemnification agreement is a type of agreement where one or more parties to a contract look to be compensated for losses or damages in certain contractually defined events. Businesses and individuals negotiating commercial contracts should understand indemnification agreements to better protect themselves from business risk … WebMar 26, 2024 · verb transitive Word forms: inˈdemniˌfied or inˈdemniˌfying. 1. to protect against or keep free from loss, damage, etc.; insure. 2. a. to repay for what has been lost or damaged; compensate for a loss, etc.; reimburse. b. to redeem or make good (a loss) chris hemsworth el royale dance

Indemnification Insurance Definition: What You Need to Know

Indemnify definition and meaning Collins English Dictionary

WebSynonyms for INDEMNIFY: compensate, reimburse, satisfy, remunerate, pay, repay, recoup, recompense, refund, requite Webindemnification indemnity quittance recompense redress reparation reprisal requital restitution restoration satisfaction atonement nouncompensation amends expiation indemnification payment penance propitiation recompense redemption redress reparation restitution satisfaction compensation nounrepayment; rectification advantage allowance … chris hemsworth escape from spiderheadWebIndemnification Provisions starting a Purchase Agreement - Definition Definite representations will a longer survival period than other provisions. Generally, representations hood corporate organization, authority and capitalization; title until storage; taxes; environmental matters; and ERISA often survive time to expiration of the … chris hemsworth emily blunt

"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 … " - Over indemnification definition

Over indemnification definition

An Overview of Indemnification and the Duty to Defend

WebBritannica Dictionary definition of INDEMNIFY. [+ object] law. 1. : to protect (someone) by promising to pay for the cost of possible future damage, loss, or injury. The policy … WebMany indemnities are created by contract, under which the paying party promises to pay an identified loss if a particular trigger event happens (usually an event over which the paying party has control). The trigger for payment and the amount payable depend on the contract's drafting and interpretation.

Did you know?

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 … WebIndemnity can take many forms, but the most common types of indemnity claims ... white paper, it is notable that the theory evolved over many years from a rule holding that ... voluntarily define their duties toward one another, including clauses requiring one party . 5 to pay, or indemnify, the other against certain claims or losses. The ...

WebJul 29, 2024 · Indemnification provisions often are one of the mostly heavily negotiated terms in a contract, and they can lead to intense litigation over their scope and impact on … WebThird-party-over action is an action in which an injured employee, after collecting workers compensation benefits from the employer, sues a third party for contributing to the employee's injury. On This Page Additional Information

WebIndemnity states that the injured party has the right to claim compensation or reimbursement for damages or losses from the other party. This is usually applied in civil lawsuits concerning negligence claims. Indemnity may also refer to the legal exemption from damages or loss. In that case, the general meaning of indemnity is “hold harmless.”.

WebBritannica Dictionary definition of INDEMNIFY. [+ object] law. 1. : to protect (someone) by promising to pay for the cost of possible future damage, loss, or injury. The policy indemnifies [= insures] you against/for any losses caused by fire. [=the policy promises that if fire destroys things that you own, you will be given money to buy new ...

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: … genus division crosswordWebOct 30, 2024 · Indemnity is a comprehensive form of insurance compensation for damages or loss. In a legal sense, it may also refer to an exemption from liability for damages. The … chris hemsworth et brad pittWebindemnified; indemnifying 1 : to secure against hurt, loss, or damage 2 : to compensate or reimburse for incurred hurt, loss, or damage indemnifier noun Etymology Latin indemnis unharmed, from in- not + damnum … chris hemsworth endgame salaryWebAug 27, 2015 · 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. To explore this concept, consider the indemnify definition. genu seasonsWebnoun the act of indemnifying; state of being indemnified. something that serves to indemnify; compensation. OTHER WORDS FOR indemnification 2 payment, amends, … chris hemsworth elternWebOct 28, 2024 · Indemnity assures party protection from financial liability stemming from the acts of its client or contractor Indemnity increases the level of trust in a relationship … chris hemsworth es padre de trillizosWebMeaning of indemnify in English indemnify verb [ T ] uk / ɪnˈdem.nɪ.faɪ / us / ɪnˈdem.nə.faɪ / finance & economics formal or specialized to pay or promise to pay someone an … genus differentia method