Definitions from the Web
Term: Indemnity
Description:
Indemnity refers to the legal promise or protection against potential loss, damage, or liability. It is a financial compensation or security given in return for specific actions or circumstances.
Sample sentences:
- The insurance company provided an indemnity to cover the costs of the accident.
- The contract included an indemnity clause, ensuring that both parties were protected.
- As a landlord, it is essential to require tenants to provide an indemnity against any potential damages to the property.
- The company's board of directors decided to offer indemnity to the executives, protecting them from legal consequences.
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