An indemnity contract is
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Insurance Contract Liabilities?
According to ictsd.org, Helping business owners for over 15 years. What is contractual liability insurance? In a contract, you are covered for third-party bodily injury or property damage caused by a third-party in the event that your business enters into a hold harmless …
Insurers Develop Cybercrime Coverage To Indemnify N1m Fund Transfer
According to leadership.ng, Although, the virtually all the commercial banks in the country already have Professional Indemnity Cover which insures risks emanating from erroneous banking
From source: wikipedia.org In contract law, indemnity is a contractual obligation of one party (indemnifier) to compensate the loss incurred to the other party (indemnity holder)…
From source: wikipedia.org Double indemnity is a clause or provision in a life insurance or accident policy whereby the company agrees to pay the stated multiple (e.g., double, triple)…
According to the source from rocketlawyer.com, An indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event, called the ‘trigger event’. The trigger event can be anything defined by the parties, including: a breach of contract a party’s fault or negligence a specific action
Sharing a hint from geektonight.com, Indemnity literally means making good the loss or compensating a person for any loss. “A contract of indemnity is a contract by which one party promises to save the other from the loss caused to him by the conduct of the promisor himself or by the conduct of any other person.” (Section 124).
If you read from upcounsel.com, An indemnification contract clause is an agreement of one party to assume the liability in the event of a loss. This generally involves shifting the risk from one party to the other. What Is Indemnity? Indemnity is one’s duty to make good the liabilities, damages, or losses that are incurred by another party.
It is inferred from contractscounsel.com, An indemnity agreement, also known as a hold harmless agreement, waiver of liability, release of liability, or no-fault agreement, safeguards the indemnified party against loss or damages associated with a third-party business arrangement. There are two parties in an indemnity contract, including the indemnitee and indemnifier.
A post published in corporatefinanceinstitute.com, It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party. In corporate law, an indemnity agreement serves to hold Board Directors and company executives free from personal liability if the company becomes sued or suffers damages.
It is learnt from a blog ironcladapp.com, An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.. For instance, car rental companies usually require …
It is understood from sites like osborneclarke.com, An indemnity is a promise, usually made in a contract, to pay money on the happening of a specified event.
Source: upcounsel.com, A contract that requires an indemnity clause should be dealt with carefully, as there are a variety of ways it can be mishandled, to the potential detriment of you and your business. Some of these ways relate to: Scope. Indemnity clauses can often be drafted too broadly, seeking to protect against scenarios that are highly unlikely to occur …
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