Compensation Agreement
/ˌkɒmpənˈseɪʃən əˈɡriːmənt/
Definitions
- (n.) A legally binding contract outlining terms under which one party agrees to pay another for services, losses, or damages.
The parties signed a compensation agreement to settle the employee's claims.
- (n.) An agreement specifying compensation conditions between insurer and insured or between indemnitor and indemnitee.
The compensation agreement detailed the insurer's payment obligations in case of loss.
Forms
- compensation agreement
- compensation agreements
Related terms
See also
Commentary
Compensation agreements often require precise definitions of covered liabilities and formulae for calculating amounts to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.