Contractual Indemnity
/ˌkɒntrækʧuəl ɪnˈdɛmnɪti/
Definitions
- (n.) A contractual provision whereby one party agrees to compensate another for certain damages or losses incurred.
The contractor accepted contractual indemnity for any damages caused during construction.
- (n.) An agreement shifting financial responsibility from one party to another in a specific context, often to cover liabilities arising from third parties.
The insurance clause included a broad contractual indemnity to protect against third-party claims.
Forms
- contractual indemnity
Related terms
See also
Commentary
Contractual indemnity provisions require clear drafting to specify the scope of indemnification and avoid ambiguity regarding covered liabilities.
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.