Who is the indemnifying party?Asked by: Scarlett Davis DVM
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“Indemnifying Party” means any Person against whom a claim for indemnification is asserted by another Person pursuant to Article VIII. “Third Party Claim” has the meaning set forth in Section 8.7. “Third Party Rights Holder” has the meaning set forth in Section 8.2.View full answer
Additionally, Who should be an indemnified party?
Indemnified Party or “Indemnified Parties” means one or more of Lender, Issuer Person, Issuer Group, and Underwriter Group.
Beside the above, What does indemnify mean Legal?. To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.
In this regard, What does full indemnity mean?
Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party. ... With indemnity, the insurer indemnifies the policyholder—that is, promises to make whole the individual or business for any covered loss.
What is called indemnification?
Indemnification is a legal agreement by one party to hold another party blameless – not liable – for potential losses or damages. ... By indemnifying the second party, the first party, in effect, agrees to pay for or make good any loss or damages that may occur.
Indemnity is compensation paid by one party to another to cover damages, injury or losses. ... An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.
In an indemnity agreement, one party will agree to offer financial compensation for any potential losses or damages caused by another party, and to take on legal liability for whatever damages were incurred. The most common example of indemnity in the financial sense is an insurance contract.
There are basically 2 types of indemnity namely express indemnity and the implied Indemnity.
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
Limitation of liability under an indemnity
That is why the parties will often negotiate to limit the liability of the indemnifying party, by capping it to a certain amount or restricting it to certain circumstances.
A contractual indemnification provision often begins with a statement that a party shall “indemnify, defend and hold harmless” one or more other parties from and against losses, damages, etc. arising from or relating to certain acts, omissions or occurrences.
indemnify. Antonyms: fine, mulct, amerce. Synonyms: compensate, se cure, satisfy, reimburse.
indemnity, the major difference is that a limited liability clause is all about how much liability one party can be assigned if something goes wrong with a contract. In contrast, an indemnity clause is all about which party will have to bear the cost of defending a legal claim.
First Party Indemnification. ... Under a first party claim, A agrees to indemnify B for loss or damage incurred as a result of the conduct of A, regardless of whether C exists or makes a claim against B. Essentially A indemnifies B for B's own losses.
It's a legally binding promise to protect another person against loss from an event or series of events: they are indemnified and protected from liability. Sometimes, indemnities are implied into the terms of contracts automatically, due to the nature of the legal relationship between the two parties.
An indemnity is an agreement by one party to bear the cost of certain losses or liabilities incurred by or claims brought against another party in specified circumstances. The impact of an indemnity provision will depend upon its express terms.
Who pays for indemnity insurance? Both buyer and seller of a property can pay for an indemnity policy. Often, house sellers take out an indemnity policy to cover the cost implications of the buyer making a claim against their property. The insurance requires a one-off payment and lasts forever.
This is an exceptionally bad clause. It is interpreted by courts to require the design professional to indemnify the owner for 100 percent of the damages incurred by the owner even if caused only in part (e.g., less than 1%) by the design professional. This is an unreasonable term and condition.
Definition: Indemnity means making compensation payments to one party by the other for the loss occurred. Description: Indemnity is based on a mutual contract between two parties (one insured and the other insurer) where one promises the other to compensate for the loss against payment of premiums.
Indemnity Payments — (1) The losses paid or expected to be paid directly to an insured by an insurer for first-party (e.g., property) coverages or on behalf of an insured for third-party (e.g., liability) coverages. (2) Payments made by the indemnitor under a hold harmless clause on behalf of the indemnitee.
A quasi contract is a retroactive arrangement between two parties who have no previous obligations to one another. ... These arrangements may be imposed when goods or services are accepted, though not requested, by a party. The acceptance then creates an expectation of payment.
To indemnify something basically means to make good a loss. In other words, it means that one party will compensate the other in case it suffers some losses. For example, A promises to deliver certain goods to B for Rs. 2,000 every month.
Indemnification is only for Third Party Claims Unless Clause Expressly States it applies to First Party Damages. An indemnification clause will only apply to liability for claims brought by third parties. It will not apply to claims between the contracting parties.
To indemnify someone is to absolve that person from responsibility for damage or loss arising from a transaction. Indemnification is the act of not being held liable for or being protected from harm, loss, or damages, by shifting the liability to another party.
The Limit of Indemnity (LOI) is the maximum amount the insurer will pay under a policy during the policy period. ... The policy may cover an aggregate sum up to the limit purchased, or it may be an 'any one claim' basis covering multiple claims each up to the limit purchased.