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2 meanings: 1. to secure against future loss, damage, or liability; give security for; insure 2. to compensate for loss,.... Click for more definitions.
indemnify /ɪn ˈ dɛmnəˌfaɪ/ verb. indemnifies; indemnified; indemnifying. Britannica 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 ...
INDEMNIFIED meaning: 1. past simple and past participle of indemnify 2. to pay or promise to pay someone an amount of…. Learn more.
Feb 1, 2023 · Indemnification means one party agrees to pay losses incurred by another to a third party. For example, if you were a business owner selling Widget XYZ as an original design to a retailer, and your contract with the retailer contains an indemnity clause, you, rather than the retailer, would be responsible to pay the retailer’s legal costs and ...
INDEMNIFICATION definition: an indemnifying or being indemnified | Meaning, pronunciation, translations and examples
t. e. In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
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. Black’s Law Dictionary defines ...
