Exam (elaborations)
CONTRACT LAW INDEMNITY CLAUSES REVIEW NOTES.
- Course
- Institution
CONTRACT LAW INDEMNITY CLAUSES REVIEW CONTRACT LAW INDEMNITY CLAUSES REVIEW NOTES.CONTRACT LAW INDEMNITY CLAUSES REVIEW NOTES.OTES.v
[Show more]
Seller
Follow
Bankart
Reviews received
Content preview
CONTRACT LAW REVIEW NOTESINDEMNITY CLAUSES
According to the dictionary meaning, indemnity is protection against
possible damage or loss, especially a promise of payment, or the money
paid if there is such damage or loss. It is a security against, or
compensation for loss, etc. This is where a claim for indemnity arises, in
such a case there are two persons one who agrees or promises for the
reimbursement or incurring the loss such a person can be called as
“indemnifier”, and the other person to whom such a loss has been
caused is the “indemnity holder” or “indemnified”. This is how in such
cases the loss gradually shifts from one person to another person.
In simple terms, the indemnity clause provides that one party to a
contract (the “indemnitee”) may seek reimbursement (“indemnity”) for
physical or financial harm from the other party to the contract (the
“indemnitor”).
Advantages of Indemnity Clauses:
Following are the advantages of an indemnity clause in an Agreement:
, When a suit is instituted against the indemnity holder or the
indemnified, he may be compelled to pay damages, and incurred costs,
etc. While in a similar way he can bring an action against the
indemnifier to compensate for the damages and costs, etc. paid by the
indemnity holder himself, if the indemnifier has agreed in such a case
for reimbursement or indemnification.
Indemnity clause often sets out a list of what actions a party is insured
against, for example:
• All lawsuits, actions or proceedings, demands, damages and
liabilities.
• All claims, liabilities, losses, expenses and damages arising from
a contract.
• Loss, damage, injury or accidental death from any cause to
property or person occasioned or contributed to any of your
acts, omissions, neglect or breach or default.
For example, say a property owner leases his property to a tenant who
runs a business at the site. During the lease period, a customer to the
tenant’s business falls and injures herself and sues the property owner for
damages resulting from the fall. The indemnity clause in the property
owner’s lease is used to allow the property owner to transfer legal and
financial obligations related to the fall on to the tenant, who maintained
control over the property when the fall occurred.
This study source was downloaded by 100000879802205 from CourseHero.com on 03 -04-2024 07:17:36 GMT -06:00
https://www.coursehero.com/file/191348016/Indemnity-Clausesdocx/
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Bankart. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now