- Why do you need an indemnity clause?
- Who should sign an indemnity agreement?
- What is another word for indemnity?
- What does the word indemnify mean in legal terms?
- Should I sign an indemnity agreement?
- What’s the difference between substantial and substantive?
- What is another word for substantive?
- Is Unsubstantive a word?
- What is the difference between indemnity and compensation?
- What’s another word for lauded?
- What is the opposite of substantive?
- What is indemnity example?
- What does not indemnify mean?
- What is the purpose of an indemnity clause in a contract?
- What criticize means?
- What lauded means?
- What are the types of indemnity?
- What is the opposite of lauded?
Why do you need an indemnity clause?
An indemnification provision, also known as a hold harmless provision, is a clause used in contracts to shift potential costs from one party to the other.
The primary benefit of an indemnification provision is to protect the indemnified party against losses from third party claims related to the contract..
Who should sign an indemnity agreement?
Indemnification is most often referred to as ‘to hold harmless’, usually in reference to one’s actions. Many high-risk activities, like skydiving or heli-skiing, require individuals to sign an indemnity agreement before they can participate. This protects the business or company from liability if there is an accident.
What is another word for indemnity?
Some common synonyms of indemnify are compensate, pay, recompense, reimburse, remunerate, repay, and satisfy.
What does the word indemnify mean in legal terms?
To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.
Should I sign an indemnity agreement?
It’s still your business decision whether you sign them or not, but you should do so only where it is a critical contract that you have no way of modifying or negotiating changes. In contrast, the best kind of Indemnity Agreement is commonly called a Mutual Indemnity Agreement or a Mutual Hold Harmless Provision.
What’s the difference between substantial and substantive?
For sticklers, substantive refers to things that have substance — real things, rather than imaginary things — and substantial should be reserved to refer to things that are large or major. A substantial change is a big change; a substantive change is a change in the substance of something.
What is another word for substantive?
In this page you can discover 17 synonyms, antonyms, idiomatic expressions, and related words for substantive, like: concrete, common-noun, noun, objective, nominal, proper-noun, real, substantial, tangible, essential and meaty.
Is Unsubstantive a word?
Adjective. (grammar) Not having the form of a noun.
What is the difference between indemnity and compensation?
Indemnity refers to a form of exemption from and/or security against certain losses, liabilities or penalties. Compensation is a form of payment given to a party, typically the plaintiff, for the loss, injury or damage he/she suffered as a result of the defendant’s actions.
What’s another word for lauded?
In this page you can discover 24 synonyms, antonyms, idiomatic expressions, and related words for lauded, like: proclaimed, venerated, blamed, glorified, exalted, extolled, revered, praised, honored, felicitated and eulogized.
What is the opposite of substantive?
substantial, substantive(adj) having a firm basis in reality and being therefore important, meaningful, or considerable. “substantial equivalents” Antonyms: unessential, meaningless, nonmeaningful, procedural, inessential, adjective.
What is indemnity example?
Indemnity is compensation paid by one party to another to cover damages, injury or losses. … An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.
What does not indemnify mean?
Indemnify and Indemnification To indemnify someone is to absolve that person from responsibility for damage or loss arising from a transaction. Indemnification is the act of not being held liable for or being protected from harm, loss, or damages, by shifting the liability to another party.
What is the purpose of an indemnity clause in a contract?
An indemnity clause is a contractual transfer of risk between two contractual parties generally to prevent loss or compensate for a loss which may occur as a result of a specified event.
What criticize means?
: to act as a critic. transitive verb. 1 : to consider the merits and demerits of and judge accordingly : evaluate He asked me to criticize his drawings. 2 : to find fault with : point out the faults of His boss criticized him for his sloppy work.
What lauded means?
transitive verb. : praise, extol He was lauded for his accomplishments. laud.
What are the types of indemnity?
The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party.
What is the opposite of lauded?
Antonyms. criticize disparage disapproval depress discourage. Etymology. laud (English)