Legal meaning of indemnification

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August undefined, 2024

Nettet27. okt. 2024 · Indemnification is the act of being compensated by your insurer for a loss that restores you as closely as possible to your financial position before the loss. "Indemnity" is a similar term you might see that also has the same overall meaning. Your insurer agrees to take on losses stemming from covered accidents or property damage … Nettetmeaning, but other facts create the necessity for interpretation or a choice between two or more possible meanings."11 Shay, 487 Mich at 668. (citation and quotation marks omitted). See also Kendzierski, 503 Mich at 317. The party alleging the existence of a latent ambiguity has the burden to rebut the

What Is an Indemnity Clause in Australia? LegalVision

NettetThe meaning of INDEMNIFY is to secure against hurt, loss, or damage. How to use indemnify in a sentence. Synonym Discussion of Indemnify. Nettetthe act of protecting someone against legal responsibility for their actions: All of our employees receive indemnification against legal action . Before I will say anything, I … newly built hotel in kl

Defining the scope of indemnification Thomson Reuters

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 … NettetRelated to LEGAL INDEMNIFICATION. Indemnification Agreements has the meaning set forth in Section 2.5.. Tax Indemnification Agreement means the Amended and … Nettetprotection against having legal responsibility for something: indemnity against sth The doctors were given an indemnity against prosecution for performing abortions . … intpw

Indemnity - Wikipedia

Nettet29. jul. 2024 · But hidden in a “standard” indemnification term can be language that shifts unreasonable amounts or types of risk and costs to you. At their core, indemnification provisions transfer liabilities related to a claim from one party to another party, generally in the event of a breach of contract or a party’s negligence or misconduct in the … Nettet10. des. 2024 · Indemnification may be compensated in the form of cash, by way of repairs or replacement, or by other means which the parties have agreed upon. Indemnity Agreements for Board Directors In order to attract high-quality professionals to serve as members of a Board of Directors, it is commonplace to have an indemnification … newly built hotels in albany nyNettet4. des. 2014 · This means there is no opportunity for the manager or the other members to review the facts and circumstances of each case and decide if indemnification is warranted. If your Operating Agreement states that the LLC “may” (not “shall”) indemnify the manager or members, then you are covered. newly built houses for rent

"Nettetindemnify definition: 1. to pay or promise to pay someone an amount of money if they suffer damage or loss: 2. to…. Learn more. " - Legal meaning of indemnification

Legal meaning of indemnification

INDEMNIFICATION English meaning - Cambridge Dictionary

Nettet30. jun. 2024 · An indemnity clause is a common provision in a contract where one party agrees to compensate the other party if harm or loss is incurred. It is an essential clause in a contract as it can have heavy consequences for the party offering the indemnity. Review these carefully if your contract includes a “hold harmless” or “make good” clause. NettetAny deductibles, baskets, or thresholds that apply to shift the risk back to the indemnified party until the specified level of damages have accrued. The relationship between the indemnification clause and other provisions in the contract, for example, any: 11. Any statutory, common law, or public policy barriers to indemnification, such as any ...

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NettetIndemnify. 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. … Nettet27. aug. 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 …

NettetA knock-for-knock indemnity is a specific type of agreement between parties to a contract to hold each other harmless against claims and other liabilities, such as the death or injuries of workers or property damage. The clause makes each party responsible for any claims or costs related to deaths or injuries to their own workers as well as ... NettetContracts Indemnification Law and Legal Definition Indemnification is the act of making another "whole" by paying any loss another might suffer. This usually arises from a …

Nettet9. jun. 2024 · F) For Crown servant s in (E) above that fall under 6.1.8 of this policy (exceptional circumstances) Both Current and Former. Deputy Head. Indemnification —up to $50,000. Legal assistance provided by Department of Justice—no limits. Legal assistance provided by private counsel—up to a limit of $50,000. Both Current and … NettetIndemnity. In its widest sense, "indemnity" means protection against, or compensation for, a loss or liability. Some indemnity claims arise by operation of law. For example, the law of agency makes a principal liable to indemnify its agent against liabilities incurred through carrying out duties within the scope of the agent's authority, as ...

NettetAn indemnification clause may allow: The indemnified party to recover certain types of losses, such as attorney's fees, which are not typically recoverable under a common law cause of action. The indemnifying party to reduce its liability by incorporating: Liability …

Nettet24. jul. 2024 · TCB Prop. Mgmt. There, the court categorized the obligations to indemnify and hold harmless as offensive and defensive rights. Indemnification, according to the court, is “an offensive right—a ... newly built houses for sale in johannesburgNettet12. apr. 2024 · Indemnity is compensation for damages or loss, and in the legal sense, it may also refer to an exemption from liability for damages. The concept of indemnity is … newly built hotels near meNettetOn a like for like basis, an indemnity better than an award of common law damages, whether its for a breach of warranty or not. When an indemnity covers the same loss as a damages claim, indemnities almost invariably give rise to a claim which is higher in amount than the breach of warranty claim. That's for a number of reasons. intp vacationsNettetHopefully this blog will help. “To indemnify” means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party’s actions or failure to act. The intent is to shift liability away from one party, and on to the ... intp when demotivated newly built house for saleNettet28. okt. 2024 · 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 … newly built houses for sale in kasaragodNettetIndemnification definition, the act of indemnifying; state of being indemnified. See more. newly built hotels in houston tx