Webindemnification - a sum of money paid in compensation for loss or injury. amends, damages, redress, restitution, indemnity. compensation - something (such as money) given or received as payment or reparation (as for a service or loss or injury) relief - (law) redress awarded by a court; "was the relief supposed to be protection from future harm ... WebSep 16, 2024 · An indemnity holder holds the right to recover damages, costs incurred by him concerning the suit relating to the matter, and also the amount paid under the compromise of the suit. These rights are provided to him by Section 125 of the Indian Contract Act, 1872.
Indemnification Clauses Explained - O
WebDec 7, 2024 · Subrogation refers to the practice of substituting one party for another in a legal setting. Essentially, subrogation provides a legal right to a third party to collect a debt or damages on behalf of another party. Application of the Subrogation Principle The insurance sector is considered a primary area of application of the subrogation principle. WebJan 10, 2024 · 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). The person who promises to make good the loss is ... merle sherman obituary
What is Indemnification? – Immix Law
WebIndemnification clauses, also known as hold harmless agreements, transfer the liability of one party’s action away from the other. They can include mutual indemnification clauses and one-sided indemnification clauses. They can also define specific terms such as: Indemnity caps Covered events Claims terms Reimbursement terms Recoverable damages WebJul 7, 2024 · June 7, 2024 A contractor’s waiver and release by lien or payment bond rights are usually an integral component of getting pays in civil. Contractors are often contractually required to submit lien or payment relationship waiver and release documents (“Waivers”) such a condition for payout. Many country have laws establishing a contractor’s right in … WebJul 29, 2024 · Indemnification provisions often are one of the mostly heavily negotiated terms in a contract, and they can lead to intense litigation over their scope and impact on … merle shelties for sale