indemnity

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Related to indemnities: indemnification, Indemnity 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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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.
Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Under the new Labour Law, an employee will receive complete end-of-service indemnities at the end of his or her contract period, or if the contract is terminated by the employer, or if the same expires and is not renewed.
In insurance M&A deals, excluded liabilities or special indemnities are sometimes given with respect to liabilities arising out of sales practices and, more generally, "extra contractual liabilities." This concept, borrowed from reinsurance, may be applied very broadly in an acquisition deal to cover not just payments to policyholders outside the four corners of insurance policies, but any liabilities of an acquired business other than policy liabilities.
The advantage to a buyer of this type of indemnity is that, unlike representations and warranties, excluded liabilities and special indemnities are not usually subject to caps, deductibles or limited survivability.
[section] 725.08, since they invalidated any indemnities other than for the negligence, recklessness, or intentional misconduct of the indemnitor.
The indemnity provisions will spell out the obligations, the conditions, and the procedures for enforcing such indemnities.
This week's meeting of the county council's cabinet, members unanimously approved legal indemnities for leader Peter Jackson, chief executive Daljit Lally and cabinet member for planning John Riddle, none of whom were present.
Legal indemnity solutions from your local broker Thomas Carroll Legal Indemnities division work closely with the legal profession to provide a range of insurance solutions for title and other property risks to speed up the sale, acquisition and refinancing of commercial and residential properties.