Indemnification
September 01, 2009 04:41 PM Filed in: Contracts
Black’s Law Dictionary (8th ed. 2004) defines the
term “indemnification” as “[t]he action of
compensating for loss or damage sustained.”
Id. at 783. In business contracts, the
parties can provide for indemnification, to make
whole the party that suffers a loss arising out of
certain events. Indemnification can be one-way or
reciprocal. A few days ago, Ken Adams posted a
good piece that sets forth some
general principles about when it’s appropriate
to use (and not to use) indemnification
provisions in a contract.
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