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Indemnity: Difference between revisions
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{{a|glossary|[[File:Dramatic Chipmunk.png|center|450px|thumb|“DID SOMEONE SAY [[Indemnity|INDEMNITIES]]?”]]}}''You might like the [[Jolly Contrarian]]’s sample [[Indemnity rebuttal|rebuttal letter]] when someone asks you for a wide [[indemnity]].'' <br> | {{a|glossary|[[File:Dramatic Chipmunk.png|center|450px|thumb|“DID SOMEONE SAY [[Indemnity|INDEMNITIES]]?”]]}}''You might like the [[Jolly Contrarian]]’s sample [[Indemnity rebuttal|rebuttal letter]] when someone asks you for a wide [[indemnity]].'' <br> | ||
Few things are more apt to excite an [[lawyer]]’s animal spirits than sight of an [[indemnity]]. Once a proud creature of the [[common law]], this noble beast has fallen upon hard times. Instead of prudently allocating unwanted outcomes, these days it is seen, by those who would wield it, as a [[smart bomb]] for surgically eliminating evil whilst vouchsafing loved ones to the bosom of the Earth. | |||
Those asked to indemnify, on the other hand, feel their throats tighten in a manner redolent of the closing stages of a Conrad novel. | |||
{{indemnitycapsule}} | {{indemnitycapsule}} | ||
An indemnity is subtly different from a [[hold harmless]], though the two often sit together like an angel and a demon on opposite shoulders of the {{tag|contract}}. | |||
An indemnity is subtly different from a [[hold harmless]], though the two often sit together like an angel and a demon on opposite shoulders of the {{tag|contract}}. | |||
{{Indemnity description}} | {{Indemnity description}} | ||
===Usage=== | ===Usage=== | ||
They are often used: | They are often used: | ||
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*'''Other losses suffered by the [[indemnified party]]''': Indemnities may cover “{{tag|consequential losses}}” incurred by a party arising out of the contract even where they're unrelated to any action of the [[indemnifying party]]. However, the latter case opens the [[indemnifying party]] up to significant and indeterminate liability and it would be well advised to resist giving such an {{tag|indemnity}}. | *'''Other losses suffered by the [[indemnified party]]''': Indemnities may cover “{{tag|consequential losses}}” incurred by a party arising out of the contract even where they're unrelated to any action of the [[indemnifying party]]. However, the latter case opens the [[indemnifying party]] up to significant and indeterminate liability and it would be well advised to resist giving such an {{tag|indemnity}}. | ||
{{sa}} | |||
*[[The Well-Crafted Indemnity]], an operetta by [[Otto Büchstein]] | |||
*[[consequential loss]] | *[[consequential loss]] | ||
*[[indemnifying party]] | *[[indemnifying party]] | ||
*[[indemnified party]] | *[[indemnified party]] | ||
*[[Negligence, fraud or wilful default]] | |||
{{c2|Damages|Contract}} | {{c2|Damages|Contract}} | ||
{{C|Risk}} | {{C|Risk}} | ||
{{ref}} | {{ref}} | ||