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- Dictionaryindemnification/ɪnˌdɛmnɪfɪˈkeɪʃn/
noun
- 1. compensation for harm or loss: "the plaintiff sought indemnification for the cost of the suit against the corporation"
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the act of paying or promising to pay someone an amount of money if they suffer damage or loss: They asked for some form of indemnification in case the proposed deal was blocked. The government has allocated large sums for the indemnification of farmers whose crops are destroyed. law specialized.
1. a. : the action of indemnifying. b. : the condition of being indemnified. 2. : indemnity sense 2b. Synonyms. compensation. damages. indemnity. quittance. recompense. recoupment. redress. remuneration. reparation. reprisal (s) requital. restitution. satisfaction.
Indemnifications in legal terms are contractual provisions where one or both parties agree to compensate the other for any harm or loss resulting from damages caused by a third party. Insurance companies may require businesses to indemnify their vendors for liability coverage.
Feb 25, 2024 · Indemnity is a comprehensive form of insurance compensation for damage or loss. In an indemnity arrangement, one party agrees to pay for potential losses or damage caused by...
Indemnification is commonly used in legal contracts to secure protection against being sued or held responsible for an accident. Indemnification can also refer to the state of being indemnified, or to the actual compensation paid.
1. : to secure against hurt, loss, or damage. 2. : to make compensation to for incurred hurt, loss, or damage. indemnifier. in-ˈdem-nə-ˌfī (-ə)r. noun. Synonyms. compensate. recompense. recoup. remunerate. requite. satisfy. See all Synonyms & Antonyms in Thesaurus. Choose the Right Synonym for indemnify.
INSURANCE, LAW. to pay someone for loss or damage that they have suffered, or to formally promise to do this: idemnify sb against sth The insurer will indemnify the policyholder against loss of or damage to the motor car. idemnify sb for sth The victim was indemnified for lost income.
Definition of indemnification noun in Oxford Advanced Learner's Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.
indemnify somebody (for something) to pay somebody an amount of money because of the damage or loss that they have suffered. The tenant is legally required to indemnify the landlord for any damage caused to the property.
Aug 27, 2015 · Indemnify defined and explained with examples. To protect or compensate someone, or some entity, from loss, damages, or injury that may occur in the future.
