Dictionary indemnification
WebTo 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 accident, … WebFeb 27, 2024 · At its core, an indemnification is a promise to reimburse a person for a loss incurred by that person. Often, the obligation to indemnify is limited to third party claims. Further, there is typically a “defend” component to the indemnity that requires the indemnifying party to take over the defense of the claim on behalf of the indemnified party.
Dictionary indemnification
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WebNov 29, 2024 · Indemnifications in legal terms are contractual provisions where one or both parties agree to compensate the other for any harm or loss resulting from damages caused by a third party. Insurance companies may require businesses to indemnify their vendors for liability coverage. WebSecurity against loss, damage, or penalty; indemnification or compensation for loss or injury sustained. 1914 - Nuttall's Standard dictionary of the English language. By Nuttall, …
WebApr 12, 2024 · Indemnity is a comprehensive form of insurance compensation for damages or loss. When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for... WebAug 27, 2015 · What is Indemnity. While the term indemnify is a verb, referring to the act of compensating someone for loss, the term indemnity is a noun, referring to the agreement or guarantee to compensate someone in the event loss occurs. Indemnity is commonly included as a clause in contracts in which the actions or mistakes of one party may result …
Webindemnified; indemnifying 1 : to insure or protect against loss, damage, or injury 2 : to give something in order to make up for loss, damage, or injury indemnify victims of a disaster indemnification -ˌdem-nə-fə-ˈkā-shən … WebSecurity against loss, damage, or penalty; indemnification or compensation for loss or injury sustained. 1914 - Nuttall's Standard dictionary of the English language By Nuttall, P.Austin. A security or pledge by which a person is secured against loss or punishment; compensation. 1874 - Etymological and pronouncing dictionary of the English language
Web1 a : security against hurt, loss, or damage b : exemption from incurred penalties or liabilities 2 a : indemnification sense 1 b : something that indemnifies 3 : fee-for-service usually …
Webindemnity. an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is … ontario works benefits scheduleWebJan 10, 2012 · INDEMNIFICATION AGREEMENT . THIS AGREEMENT is effective January 10, 2012, between Concho Resources Inc., a Delaware corporation (the “Corporation”), and the undersigned director or officer of the Corporation (“Indemnitee”). ... represent costs or liabilities meeting the definition of “Expenses” herein. ... ontario works benefits ratesWebIndemnification is a contractual obligation by one party to pay or compensate for the losses or damages or liabilities incurred by another party to the contract or by some third person. Black’s Law Dictionary defines hold harmless as … ionic storage moduleWebMar 27, 2024 · Indemnification definition: an indemnifying or being indemnified Meaning, pronunciation, translations and examples ontario works benefitWebindemnification. noun. Something to make up for loss or damage: amends, compensation, indemnity, offset, quittance, recompense, redress, reimbursement, remuneration, … ontario works benefits paymentsionic storage ios13WebIn 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 … ionic storage get backend