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Indemnity
(redirected from indemnities)

    Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia 0.01 sec.
Indemnity
A legal obligation to cover a liability, however arising.
Indemnity
In law, compensation that one party is required to make to another for some loss, even if the compensating party did not directly cause the loss. For example, if Joe and Bob have a contract whereby Joe will pay for Bob's medical expenses should they arise and Bob is injured, then Joe must pay indemnity even if Joe did not cause the injury. If there is no contract specifying otherwise, however, the obligation to pay indemnity usually falls to the party that caused the loss.
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The agreement may also provide for special stand-alone indemnities with respect to specific matters.
Taking no chances: risk allocation in insurance merger and ... by Devins, Michael D.; Grosgold, David / Best's Review
3) Subsection (1) of the 1972 statute could be satisfied by stating in the contract that all indemnities undertaken in the agreement (or maybe just the indemnity for the damages caused by the other person) was limited to a stated sum regardless of its magnitude.
Contractual indemnity in construction for your negligence - what year ... by Leiby, Larry R.; Craigmile, Jeff / Florida Bar Journal
 
 
 
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