Definition of indemnity. Word forms: plural inˈdemnities. A sum of money paid as compensation , especially one paid by a country defeated in war as a condition of peace.
This community was supposed to be regulated by balance, and that at least the major powers had a right to expect compensation and indemnities to maintain it. Indemnity is commonly used in legal contracts to secure protection against being sued or being held responsible for an accident. It’s often seen in the phrase indemnity clause. The verb form of indemnity is indemnify, which means to provide such protection or security , typically in the form of insurance.
Frequently confused with guarantee, an indemnity is a primary obligation that is enforceable irrespective of whether the beneficiary could sue the person responsible for causing the loss. Indemnity is a contractual obligation of one party to compensate the loss incurred to the other party due to the 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. In contrast, a guarantee is an obligation of one party assuring the other party that guarantor will perform the promise of the third party if it defaults.
When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for damages. Indemnity In its widest sense, indemnity means recompense for a loss or liability. Some indemnity claims arise by operation of law. Instant Downloa Mail Paper Copy or Hard Copy Delivery, Start and Order Now! Indemnity definition , protection or security against damage or loss.
Security against damage, loss, or injury. English dictionary definition of indemnity. An exemption from liability for damages resulting from specified conduct, as in a. Protection and indemnity insurance protects against third parties and environmental damage. That is, no claim other than the claims for indemnity under the insurance policies: in contemplation at the time of entering into the deed.
INDEMNITY (noun) The noun INDEMNITY has senses: 1. Discovery covers are used. See authoritative translations of Indemnity in Spanish with example sentences and audio pronunciations. Browse our content today! TheAnswerHub is a top destination for finding online.
Search For Insurance Indemnity. Everything You Need To Know. View the pronunciation for indemnity. Indemnity clauses are tricky yet very useful contractual provisions that allow the parties to manage the risks attached to a contract, by making one party pay for the loss suffered by the other.
The scope and effect of an indemnity depends mostly on the intention of the parties and the way it is drafte so make sure you pay great attention to. An indemnity is the closest thing the law has to a blank cheque to recover financial loss. Indemnify definition , to compensate for damage or loss sustaine expense incurre etc.
Meaning and definitions of indemnity , translation in Afrikaans language for indemnity with similar and opposite words. Madura Online is the best in the world. Include glossaries of technical terms from medicine, science, law, engineering, accounts, arts and many other sources.
This facilitates use as thesaurus. Our client will seek an indemnity from the vendor for a breach of contract. The defeated nations were forced to pay an indemnity of $8million.
In this case, the first party (the owner) can present the.
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