Illinois Form of Indemnification Agreement by Kyle Technology Corp.
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How to fill out Form Of Indemnification Agreement By Kyle Technology Corp.?
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FAQ
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.
An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction.
A legal term that means one party agrees to compensate another party for loss or damage that has already occurred, or guarantees, through a contractual agreement, to repay another party for loss or damage that occurs in the future. Indemnification clauses are common in corporations and LLCs.
Indemnification is a legal agreement by one party to hold another party blameless ? not liable ? for potential losses or damages. It is similar to a liability waiver but is usually more specific, applicable only to particular items, circumstances, or situations, or in regard to a particular contract.
The main difference in this case is that ?hold harmless? may require a party to protect against actual losses as well as potential losses while indemnification protects against actual losses only. Certain states, including Ohio, Colorado, Louisiana and Delaware, hold that ?indemnify? and ?hold harmless? are synonymous.
The word 'indemnity' finds its roots in the Latin word 'indemnis', which stands for 'unhurt' or 'free from loss'. Hence, indemnities are also referred to as 'hold harmless' agreements.
Indemnity clauses, also known as indemnification clauses, require one party to reimburse the other for recoverable damages from third-party claims. The indemnifying party is demanding payment. The indemnified party is required to pay. This article further defines indemnity clauses.
On this page you'll find 61 synonyms, antonyms, and words related to indemnification, such as: compensation, indemnity, restitution, benefit, counterclaim, and coverage.