indemnity

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Related to To hold harmless: indemnification, Indemnity clause, hold harmless clause

Indemnity

Recompense for loss, damage, or injuries; restitution or reimbursement.

An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual. The right to indemnity and the duty to indemnify ordinarily stem from a contractual agreement, which generally protects against liability, loss, or damage.

Cross-references

Damages.

indemnity

n. the act of making someone "whole" (give equal to what they have lost) or protected from (insured against) any losses which have occurred or will occur. (See: indemnify)

indemnity

noun act of holding harmless, amends, assurance against loss, compensation, full satisfaction, lex oblivionis, payment, protection against loss, recompense, recoupment, redemption, refund, remuneration, repayment, requitement, restitution, restoration, return, security, security against damage, secuuity against loss, setoff, vindication
Associated concepts: contract of indemnity, covenant of innemnity, indemnity against liability, indemnity against loss, indemnity agreement, indemnity bond, indemnity insurrnce, indemnity mortgage, indemnity policy, indemnity reinsurance, limitation of indemnity, subrogation
See also: award, bail, binder, clemency, collection, compensation, condonation, consideration, contribute, contribution, coverage, damages, expiation, guaranty, honorarium, indemnification, indemnify, insurance, pay, payment, pledge, recompense, recovery, reimbursement, remittance, remuneration, reparation, requital, reward, satisfaction, security, trover

indemnity

an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is enforceable irrespective of whether the beneficiary could sue the person responsible for causing the loss. On the other hand, a guarantee is a secondary obligation to pay a specified or ascertainable sum should the primary debtor fail to do so; if the primary obligation is unenforceable, the guarantee cannot be sued upon. An agent has the right to be indemnified by his principal against all losses and liabilities incurred by him while acting within the scope of his agency.

INDEMNITY. That which is given to a person to prevent his suffering damage. 2 McCord, 279. Sometimes it signifies diminution; a tenant who has been interrupted in the enjoyment of his lease may require an indemnity from the lessor, that is, a reduction of his rent.
     2. It is a rule established in all just governments that, when private property is required for public, use, indemnity shall be given by the public to the owner. This is the case in the United States. See Code Civil, art. 545. See Damnification.
     3. Contracts made for the purpose of indemnifying a person for doing an act for which he could be indicted, or an agreement to, compensate a public officer for doing an act which is forbidden by law, or omitting to do one which the law commands, are absolutely void. But when the agreement with an officer was not to induce him to neglect his duty, but to test a legal right, as to indemnify him for not executing an execution, it was held to be good. 1 Bouv. Inst. n. 780.

References in periodicals archive ?
Johanns said he thinks this is "an important breakthrough" on his part in terms of "guaranteeing to hold harmless the U.
The town's prior history of unrealistic revenue and expenditure estimations was aggravated by underfunded sewer operations, additional court-mandated funding essentially required to hold harmless the school committee's recommended budget, structural difficulties presented by budgetary control resting with the financial town meeting, and the historically heavy dependence on short-term debt.
The settlement agreements also releases all claims of any kind with respect to Cooper Nuclear Station, with an agreement by NPPD to hold harmless and indemnify MidAmerican and Lincoln from all costs and expenses that the NPPD has with respect to the facility, including decommissioning costs, spent fuel costs, employee retention costs, and post-retirement medical benefits.