Indemnity
/ɪnˈdɛmnɪti/
Definitions
- (n.) A contractual obligation by one party to compensate another for certain damages or losses.
The insurer provided indemnity for the damaged property.
- (n.) Security or protection against financial liability or penalties.
The contract included an indemnity against any legal claims.
Forms
- indemnities
Related terms
See also
Commentary
Indemnity clauses should clearly specify the scope and limits of compensation to avoid ambiguity.
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.