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Template:Indemnity description: Difference between revisions
→What an indemnity ain't
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*You have calculated the indemnified sum; | *You have calculated the indemnified sum; | ||
*You have demanded it from [[indemnitor]]; and | *You have demanded it from [[indemnitor]]; and | ||
*The [[indemnitor]] has | *The [[indemnitor]] has not paid it. | ||
Nor is an {{tag|indemnity}} (if properly crafted), broader or of less determinate scope than any other contractual claim, though, thanks to the continental drift, some indemnities try to catch everything under the sun. They shouldn't. Indemnities are precision tools for narrow risks, not weapons of mass destruction. The sky should not fall in under the weight of a well-proportioned {{tag|indemnity}}. | |||
====How is an indemnity different from a breach of contract?==== | ====How is an indemnity different from a breach of contract?==== | ||
Contracts are simple things: each party has something the other wants; by contract, they memorialise their willing exchange. And, should you fail to keep up your end of a bargain, your counterpart must have a means of redress. This is a claim for [[breach of contract]]. However plain your promise, the theoretical extent of the loss you cause should you fail to keep to it is limited only by the depraved imagination of the opposing lawyer: loss of bargain, hedge break costs, lost opportunity, [[consequential loss]], taxes, reputational damage, [[restitution]], emotional distress, nervous shock, (needless to say, but inevitably said) legal costs and even [[exemplary damages]] to punish you for your high-handed and contumelious disregard for another merchant's reasonable commercial expectations. | Contracts are simple things: each party has something the other wants; by contract, they memorialise their willing exchange. And, should you fail to keep up your end of a bargain, your counterpart must have a means of redress. This is a claim for [[breach of contract]]. However plain your promise, the theoretical extent of the loss you cause should you fail to keep to it is limited only by the depraved imagination of the opposing lawyer: loss of bargain, hedge break costs, lost opportunity, [[consequential loss]], taxes, reputational damage, [[restitution]], emotional distress, nervous shock, (needless to say, but inevitably said) legal costs and even [[exemplary damages]] to punish you for your high-handed and contumelious disregard for another merchant's reasonable commercial expectations. | ||