WebMay 2, 2024 · Indemnity is an important element of contracts because it is designed to punish a party who breaches the contract. Learn about the different types of indemnity … WebDec 31, 2024 · Duty to Indemnify. The “duty to indemnify” means the insurer’s duty to pay the claim, by funding a settlement or paying a judgment against the insured. Unlike the duty to defend, which is typically determined by the policy and petition, the duty to indemnify is based on any and all information developed in the underlying suit or claim.
Indemnification: Understanding an Indemnification Clause
WebAn indemnity is a promise or contractual obligation of one party to compensate the other contractual party if the latter suffers harm or incurs a loss due to a certain event. While this event needs to be specified in the contract, it can include, for instance, a: Specific action. Breach of contract. Negligence or fault of one party. WebDownload our free app. Translation Context Grammar Check Synonyms Conjugation Documents Dictionary Collaborative Dictionary Grammar Expressio Reverso Corporate More east tennessee state football record
What is a Cap on an Indemnity Clause and Why Should I Care?
WebHow to use indemnify in a sentence. Synonym Discussion of Indemnify. to secure against hurt, loss, or damage; to make compensation to for incurred hurt, loss, or damage… WebAug 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. WebAug 16, 2024 · The term indemnify is generally interpreted as imposing an obligation on one party (the indemnitor) to pay or compensate the other party (the indemnitee) for certain legal liabilities or losses, but that obligation does not typically arise until the end of a case when the indemnitee has had a judgment entered against it for damages or has made … cumberland seventh day adventist church