According to Black's Law Dictionary, indemnity is "a duty to make good any loss, damage, or liability incurred by another." It's possible to limit the scope of that duty during contract negotiations.

“Let’s leave that to the lawyers.” It’s a familiar refrain that I hear often as contract negotiations drag on between parties. After the primary deal points in a contract have been agreed upon, many ...

It makes good business sense to enter into contracts carefully, ensuring that each aspect of the contract accurately details responsibility, deliverability and cost. Many contracts contain an ...

Indemnification is used for risk allocation Indemnification may include defense obligation Indemnified party is entitled to reimbursement for covered losses Indemnification can be complex and heavily ...

Indemnity clauses are an integral tool used regularly in energy contracts and master service agreements. Indemnity is an obligation by one party to make another party whole for a loss or damage that ...

Contracting parties (and their respective lawyers) spend a substantial amount of their time during negotiations of any contract on the reliefs available to their client in the event of breach of terms ...

In our last article, we considered issues relating to the scope of an IT product and service seller's obligation to indemnify—specifically, types of covered losses and claims and special issues ...

TimesMachine is an exclusive benefit for home delivery and digital subscribers. About the Archive This is a digitized version of an article from The Times’s print archive, before the start of online ...

Plan sponsors should ask for indemnification clauses when they enter into contracts with service providers and retirement plan advisers, experts say. Indemnification clauses are promises by the ...