indemnity

Vocabulary Word

Definition

'Indemnity' is about offering protection or safety, usually in terms of money. It could be like a company promising to cover your losses if something goes wrong with a product you bought from them.

Examples in Different Contexts

In technology contracts, 'indemnity' provisions are critical. A tech lawyer might assert, 'Negotiating robust indemnity provisions is pivotal to safeguard against intellectual property infringements and allocate liabilities in technology partnerships.'

Practice Scenarios

Impact

Scenario:

Non-profits need to consider potential risks associated with their operations, especially when working with vulnerable groups or potentially hazardous situations.

Response:

So we need an indemnity clause to protect our non-profit from legal liabilities in such unforeseen circumstances.

Business

Scenario:

Understanding a company's obligations and potential liabilities is critical when analyzing an insurance policy's scope and impact.

Response:

This is why it's essential to have an indemnity clause in our business contracts, to protect against potential losses.