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To compensate for loss or damage
- Indemnify 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.
legal-dictionary.thefreedictionary.com/indemnify
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What does indemnify mean?
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indemnify. v. to guarantee against any loss which another might suffer. Example: two parties settle a dispute over a contract, and one of them may agree to pay any claims which may arise from the contract, holding the other harmless. (See: hold harmless)
- Definition of Indemnify
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Verb 1. To protect someone, or some entity, from loss, damages, or injury that may occur in the future. 2. To compensate someone, or some entity, for loss, damages, or injury. Origin 1605-1615 Latin indemni
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 clausein contracts in which the actions or mistakes of one party may result in the other party being liab...
Any time one person is using another person’s property, or one person is performing services for another, the creation of an indemnify and hold harmless agreement helps ensure one party will take responsibilityfor any problems that may occur. In other words, the person borrowing the item, or doing work on someone’s property, agrees to indemnify the...
Indemnification agreements are commonly used in contracts and terms of serviceagreements people sign, or click through, every day. Tucked away in the terms of service for nearly every popular website, indemnification clauses are rarely read, even though they have American consumers promising to indemnify and hold harmless such mega-corporations as ...
Contract –An agreement between two or more parties in which a promise is made to do or provide something in return for a valuable benefit.Contractor– A person who contracts to provide goods or services to another for payment.Damages– A monetary award in compensation for a financial loss, loss of or damage to personal or real property, or an injury.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.
To 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, incident, or event.
The meaning of INDEMNIFY is to secure against hurt, loss, or damage. How to use indemnify in a sentence. Synonym Discussion of Indemnify.
To save harmless; to secure against loss or damage; to give security for the reimbursement of a person in case of an anticipated loss falling upon him. Also to make good; to compensate; to make reimbursement to one of a loss already incurred by him.
Indemnification typically involves one party (the indemnifier) agreeing to reimburse or cover the costs incurred by another party (the indemnified) if they are sued or held liable for something. This could include paying for legal fees, damages, or other expenses related to the claim or lawsuit.
