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Indemnity: Difference between revisions
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===Scope of losses=== | ===Scope of losses=== | ||
*'''Direct losses as a result of Breach''': Needless to say, an indemnity is '''not''' required from a party to recover direct losses suffered as a result of breach of contract by that party: the innocent party has an ordinary action available for breach of contract. | *'''Direct losses as a result of Breach''': Needless to say, an indemnity is '''not''' required from a party to recover direct losses suffered as a result of breach of contract by that party: the innocent party has an ordinary action available for breach of contract. Asking for an indemnity for normal breach of contract makes you look slightly dense. | ||
*'''Other losses suffered by the | *'''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}}. | ||
===See also=== | ===See also=== | ||