WebBond of Indemnity Overview. The bond of indemnity definition is an obligation in writing in which a party has agreed to reimburse the holder of the bond for an injury or loss due to a specific event or has agreed to protect a party from injury or loss related to a specific event. The bond acts as a kind of insurance policy against the failure ... WebMar 21, 2024 · Indemnity also holds meaning in corporate law. Here, an indemnity refers to an agreement that holds board directors free from any personal liability claims if the …
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WebAug 10, 2024 · Contract of Indemnity means doing good to the person who has suffered loss or putting the person back into the same position as if no loss has occurred. The word indemnity has been derived from the Latin word ‘indemnis’which means … WebJan 26, 2024 · Definition of Contract of Indemnity. According to Halsbury, Indemnity is a contract, express or implied to keep a person, who has entered into or who is about to …
WebDec 10, 2024 · Indemnity insurance is one way to be protected against claims or lawsuits. This insurance protects the holder from paying the full amount of a settlement, even if it is his fault. Many businesses require … Webindemnify / ( ɪnˈdɛmnɪˌfaɪ) / verb -fies, -fying or -fied (tr) to secure against future loss, damage, or liability; give security for; insure to compensate for loss, injury, expense, etc; …
WebIndemnity. 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 … WebThe meaning of INDEMNIFY is to secure against hurt, loss, or damage. How to use indemnify in a sentence. Synonym Discussion of Indemnify.
WebOct 28, 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 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 ...
WebDefine indemnity. indemnity synonyms, indemnity pronunciation, indemnity translation, English dictionary definition of indemnity. n. pl. in·dem·ni·ties 1. Security against … laws civil rightsWebJul 24, 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 ... laws close spaldingWebindemnity. an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is … karnataka elections newsWebMay 5, 2024 · Indemnification is the practice of guaranteeing a third party claim against your counterparty. Imagine that you have a contract with a staffing agency to supply temporary staff working on your property, and in the course of their assigned duties, one of those temps causes a third party to be injured. laws clinic ukiahWebApr 9, 2024 · indemnity in British English (ɪnˈdɛmnɪtɪ ) noun Word forms: plural -ties 1. compensation for loss or damage; reimbursement 2. protection or insurance against future loss or damage 3. legal exemption from penalties or liabilities incurred through one's acts or defaults 4. (in Canada) the salary paid to a member of Parliament or of a legislature 5. laws coatWebIn law, Contract of indemnity can be defined as a legal contract between two persons whereby one party commits to indemnify, i.e. to compensate or reimburse, the loss incurred to the other party, by the conduct of the party, who is making the promise or by the conduct of the third party. karnataka election news liveWebSynonyms for INDEMNITY: compensation, reparation, damages, indemnification, restitution, redress, recompense, recoupment, reimbursement, remuneration laws cleaning services