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CONTRACT LAW INDEMNITY CLAUSES REVIEW NOTES.
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CONTRACT LAW INDEMNITY CLAUSES REVIEW NOTES.CONTRACT LAW INDEMNITY CLAUSES REVIEW NOTES.CONTRACT LAW INDEMNITY CLAUSES REVIEW NOTES.
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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.
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