indemnity clause definition

indemnity clause

Provision in a contract under which one party (or both parties) commit to compensate the other (or each other) for any harm, liability, or loss arising out of the contract. The formula to compute the amount of compensation is usually included in the contract. See also exclusion clause, exculpatory clause, exemption clause, and hold harmless clause.

indemnity clause is in the Corporate, Commercial, & General Law subject.

indemnity clause appears in the definitions of the following terms: exculpatory clause, hold harmless clause, exclusion clause and exemption clause

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