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Definitions from the Web

Term: Indemnity

Description:

Indemnity refers to a legal agreement or compensation provided to protect against loss, damage, or liability incurred by an individual or organization. It is a form of financial security that aims to restore the affected party to their original state before the occurrence of the specified event.

Examples:

Noun:

1. The insurance policy provided an indemnity covering the cost of repairing the damaged property.
2. As part of the contract, the subcontractor agreed to provide indemnity to the main contractor in case of any legal issues.

Verb:

1. The insurance company indemnified the policyholder for the lost valuables.
2. Due to the breach of contract, the supplier was required to indemnify the customer for the additional expenses incurred.

Adjective:

1. The indemnity clause in the agreement ensured that both parties were protected from any financial losses.
2. She sought legal advice to understand the indemnity rights she possessed in the given situation.

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