What does this word mean indemnity?
What does this word mean indemnity?
1 : to secure against hurt, loss, or damage. 2 : to compensate or reimburse for incurred hurt, loss, or damage. Other Words from indemnify.
What does it mean to hold harmless and indemnify?
When properly written, the intent of a hold harmless or indemnification agreement is to impose on one party the responsibility to pay all liability, damages, costs, expenses, and even attorney’s fees for the other party to the agreement.
What is the opposite of indemnify?
Antonyms. borrow deny withdraw take starve breastfeed. give recompense compensate pay.
What is indemnify in law?
The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party.
What is an indemnity agreement?
An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.
Is hold harmless the same as indemnify?
In practice, a hold harmless and an indemnity are functionally equivalent in that both require a party to assume responsibility for losses incurred by another party in connection with certain acts and circumstances. Some argue that while an indemnity shifts losses, a hold harmless shifts both losses and liability.
How is indemnity paid?
How Indemnity Is Paid. Indemnity may be paid in the form of cash, or by way of repairs or replacement, depending on the terms of the indemnity agreement.
How indemnity is provided?
In a mutual indemnification, both parties agree to compensate the other party for losses arising out of the agreement to the extent those losses are caused by the indemnifying party’s breach of the contract. In a one-way indemnification, only one party provides this indemnity in favor of the other party.
What is a synonym for indemnify?
Some common synonyms of indemnify are compensate, pay, recompense, reimburse, remunerate, repay, and satisfy. While all these words mean “to give money or its equivalent in return for something,” indemnify implies making good a loss suffered through accident, disaster, warfare.