What is a indemnitee mean?
The indemnitor, also called the indemnifier, or indemnifying party, is the person who is obligated to hold harmless the other party for its conduct, or another person’s conduct. The indemnitee, also called the indemnified party, refers to the person who receives indemnification.
What part of speech is indemnity?
indemnity. / (ɪnˈdɛmnɪtɪ) / noun plural -ties. compensation for loss or damage; reimbursement. protection or insurance against future loss or damage.
How do I write a letter of request for indemnity?
Title the letter as a “Letter of Indemnity” to make it clear what the document is about. Include a statement that the agreement will be governed by the laws of the specific state (where the agreement would be taken to court). Begin the letter confirming the contract already in place with the other party.
What is another term for indemnity?
Some common synonyms of indemnify are compensate, pay, recompense, reimburse, remunerate, repay, and satisfy.
What is indemnification in law?
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.
What does the name indemnity mean?
The word indemnity implies security or assurance against a monetary responsibility. It commonly happens as a legally binding understanding made between parties in which one gathering consents to pay for misfortunes or harms endured by the other party.
What is the plural of indemnity?
The plural of indemnity is indemnities. Contribution is the item or service given to a group or person (i.e., something that has been contributed). It may also be a tax or fee imposed by certain entities.
What does indemnity to principle mean?
The principle of indemnity states that an insurance policy shall not provide compensation to the policyholder that exceeds their economic loss. This limits the benefit to an amount that is sufficient to restore the policyholder to the same financial state they were in prior to the loss.
How does indemnification work?
Indemnification is the part of an agreement that provides for one party to bear the monetary costs, either directly or by reimbursement, for losses incurred by a second party.