- indemnity
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in·dem·ni·ty /in-'dem-nə-tē/ n pl -ties1 a: security against hurt, loss, or damageb: exemption from incurred penalties or liabilities2 a: indemnification (1)b: something (as a payment) that indemnifies compare contribution
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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I
noun
act of holding harmless, amends, assurance against loss, compensation, full satisfaction, indemnification, lex oblivionis, payment, protection against loss, recompense, recoupment, redemption, refund, reimbursement, remuneration, repayment, requitement, restitution, restoration, return, security, security against damage, security against loss, setoff, vindication
associated concepts: contract of indemnity, covenant of indemnity, indemnity against liability, indemnity against loss, indemnity agreement, indemnity bond, indemnity insurance, indemnity mortgage, indemnity policy, indemnity reinsurance, limitation of indemnity, subrogation
II
index
bail, binder, clemency, collection (payment), compensation, condonation, consideration (recompense), contribute (indemnify), contribution (indemnification), coverage (insurance), damages, expiation, guaranty, honorarium, indemnification, pay, payment (remittance), recompense, recovery (award), reimbursement, remuneration, reparation (indemnification), requital, reward, satisfaction (discharge of debt), security (pledge), trover
Burton's Legal Thesaurus. William C. Burton. 2006
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An agreement by one party that he will pay to another the amount of liability which may be suffered by the second party.
Easyform Glossary of Law Terms. — UK law terms.
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n.Money given as compensation or reimbursement for a loss or injury; security against legal responsibility for one’s own actions; the benefit provided by an insurance policy.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is enforceable irrespective of whether the beneficiary could sue the person responsible for causing the loss. On the other hand, a guarantee is a secondary obligation to pay a specified or ascertainable sum should the primary debtor fail to do so; if the primary obligation is unenforceable, the guarantee cannot be sued upon.An agent has the right to be indemnified by his principal against all losses and liabilities incurred by him while acting within the scope of his agency.The administrative receiver of a company is personally liable on any contract entered into by him in the carrying out of his functions except in as far as the contract otherwise provides and on any contract of employment adopted by him in the carrying out of those functions, and is entitled in respect of that liability to an indemnity out of the assets of the company.
Collins dictionary of law. W. J. Stewart. 2001.
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An agreement to compensate another party for loss or damage.Category: Business, LLCs & Corporations → Business Name, Location & LicensesCategory: Business, LLCs & Corporations → Buying or Selling a BusinessCategory: NonprofitsCategory: Personal Finance & RetirementCategory: Real Estate & Rental Property
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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1) Undertaking by the seller to meet a specific potential liability which the buyer is worried about (e.g., outstanding litigation, an environmental or product liability claim). Under an indemnity, the seller will reimburse the buyer's loss pound for pound. It is an automatic right to receive payment if the event occurs.2) This term has different meanings depending on its context:• Generally, an undertaking by one person to meet a specific potential legal liability of another. An indemnity entitles the person indemnified to a payment if the event giving rise to the indemnity takes place. Unlike a claim for breach of warranty, there is no need for the indemnified party to establish that he has suffered loss.• In the context of insurance, the total cover available to the insured under an insurance policy. The principle of indemnity is to try, as far as possible, to place the insured in the same position after an insured loss as was occupied immediately prior to the event.3) indemnityThis is an undertaking by one party to a contract to meet a specific potential liability. An indemnity entitles the other party to a payment if the liability arises.+ indemnityUSAAlso known as indemnify and indemnification.Generally, an undertaking by one party to reimburse the other party or pay them directly for certain costs and expenses. In an acquisition context, a purchase agreement often provides that a party will indemnify the other against costs incurred by it in connection with a breach of representation or warranty by the indemnifying party.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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n.1 A duty, typically arising from contract, in which one promises to make good another's financial loss or liability, resulting from a particular event or contingency.2 The act of making good another's financial loss or liability, resulting from the occurrence of a particular event or contingency.3 The injured party's right to claim payment from the party with the duty.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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Recompense for loss, damage, or injuries; restitution or reimbursement.
Dictionary from West's Encyclopedia of American Law. 2005.
- indemnity
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Recompense for loss, damage, or injuries; restitution or reimbursement.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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n.the act of making someone "whole" (give equal to what they have lost) or protected from (insured against) any losses which have occurred or will occur.See also: indemnify
Law dictionary. EdwART. 2013.
