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What are the key differences in responsibilities between the indemnifying party and the indemnified party in a contractual agreement?
In a contractual agreement, the indemnifying party is responsible for covering any losses or damages incurred by the indemnified party due to certain specified events or circumstances. The indemnified party, on the other hand, is the one who receives this protection and is entitled to seek compensation from the indemnifying party if such losses occur.
What else can I help you with?
Can you explain the rights and responsibilities of an indemnified party in a legal agreement?
An indemnified party in a legal agreement has the right to be compensated for any losses or damages they incur due to the actions of the other party. They also have the responsibility to mitigate their losses and cooperate with the indemnifying party in any legal proceedings.
Can you give a sentence for the word indemnify?
I returned my awful Christmas gifts to the store and was indemnified.
Who is the indemnified party in the contract and what protections are provided to ensure their rights are safeguarded?
The indemnified party in a contract is the party who is protected from financial loss or damage. Protections provided to ensure their rights are safeguarded include clauses that specify the extent of indemnification, the circumstances under which it applies, and the process for making a claim.
What is your obligation if you indemnify an organization that will provide a service?
you are legally responsible for it's impact. you have indemnified them=you accept responsibility for their actions.
What is the god ares favorite colors?
His favorite color is red because that's the color he sees when he kills someone.
Can you be indemnified by a company who asks you to post copyright material without securing the rights?
It depends on specific policies that may be in place, language in your contract, and more.
Implication of underinsurance in an economy?
low premiums to the insurer hence low funds for investment and also the insured is not fully covered in the event of a loss he is not fully indemnified
Could you obtain the title of a 1946 vehicle that was bought at a junk yard?
With a bill of sale from the junk yard, you should be able to apply at the state for an "indemnified" title.
Who is an indemnified person?
The person who benefits from an indemnification. For example, you might indemnify (and hold harmless) your children's school for lawsuits brought against the school because of what your children do on a field trip or while playing sports. This means the school is an "indemnified person" and you will cover them if your child does something that causes the school to be sued (e.g., injures another student, or breaks something in a museum). This could mean paying all of the school's legal bills and any damages they are assessed, but it also means your attorney gets to settle...
How do you write a letter of indemnity?
There are several factors that are included when writing a letter of indemnity. The bank or insurance company will state its details and also give details of the third party being indemnified among other details.
Claims made policy?
"Claims Made Policy" - The Insured is indemnified in case a claim arises during the policy period, no matter when a claim may arise, the Policy pays the insured for the Claim, provided the policy is active since its retroactive date(inception date).
What are the differences between insurance and assurance?
Insurance indemnifies you if you suffer an insurable loss meaning that your asset is replaced or you are compensated to replace your asset with the basic objective of putting you back to the same financial position that you were in before you incurred the loss/damage. For example you buy insurance for your car, house, computer, etc. Assurance on the other hand aims to provide financial compensation when you suffer a loss that cannot be indemnified, that is, loss of life. For example if your spouse dies they cannot be replaced so you just get monetary compensation for your loss, which unlike in insurance, you cannot use to replace them as you would your lost laptop for instance.
