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Indemnity: Difference between revisions
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{{Indemnity description}} | {{Indemnity description}} | ||
===Hold harmless=== | ===Hold harmless=== | ||
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}}. ===Who uses them?=== | 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}}. | ||
===Who uses them?=== | |||
*[[custodian|custodians]] and [[trustee]]s who hold assets, have neither the risk or reward of the transaction, but could still suffer liability just because they are legal holders of the assets; | *[[custodian|custodians]] and [[trustee]]s who hold assets, have neither the risk or reward of the transaction, but could still suffer liability just because they are legal holders of the assets; | ||
*as a means of protecting an [[indemnified party]] against [[consequential loss]] that it could not otherwise recover against the [[indemnifying party]]. | *as a means of protecting an [[indemnified party]] against [[consequential loss]] that it could not otherwise recover against the [[indemnifying party]]. | ||