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====You keep saying “''well-crafted'' [[indemnity]]”==== | ====You keep saying “''well-crafted'' [[indemnity]]”==== | ||
Yes, I do. This is where things have gone awry. Many latter-day [[indemnities]] are not well-crafted at all. It is common for indemnities to catch every contingency under the sun: “any and all losses, costs and damages, howsoever arising, incurred or suffered in diligent performance of the contract”. | Yes, I do. This is where things have gone awry. Many latter-day [[indemnities]] are not well-crafted at all. It is common for indemnities to catch every contingency under the sun: “any and all losses, costs and damages, howsoever arising, incurred or suffered in diligent performance of the contract”. A magnanimous recipient might let the [[indemnifier]] off those losses caused by its own [[negligence, fraud or wilful default]], but that’s another story.) | ||
In any case, | In any case, such a wide indemnity suggests your counterpart has not grasped the fundamentals of the commercial bargain: shouldering ''any'' costs naturally arising from the diligent performance of a contract — the ordinary vicissitudes of one’s day-to-day commercial existence, that is to say — is called your ''[[consideration]]''. It is why the other fellow is making the bargain in the first place. [[Indemnities]] are not meant for that. | ||
====What are fit topics for an indemnity then?==== | ====What are fit topics for an indemnity then?==== |