less than 1 minute read

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.

Additional topics

Law Library - American Law and Legal InformationFree Legal Encyclopedia: Hypoxia to Indirect evidence