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Indemnity: Difference between revisions
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{{a|glossary|[[File:indemnfied.jpg|center|450px|thumb|Pictorial representation of an [[indemnity]], mid-exercise, yesterday — taken from [[Birgit von Sachsen-Rampton]]’ frontispiece to [[Otto Büchstein]]’s peculiar operetta [[The Well-Crafted Indemnity]]]]}} | {{a|glossary|[[File:indemnfied.jpg|center|450px|thumb|Pictorial representation of an [[indemnity]], mid-exercise, yesterday — taken from [[Birgit von Sachsen-Rampton]]’ frontispiece to [[Otto Büchstein]]’s peculiar operetta [[The Well-Crafted Indemnity]]]]}} | ||
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. | 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. | ||
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{{indemnitycapsule}} | {{indemnitycapsule}} | ||
{{Indemnity description}} | {{Indemnity description}} | ||
===Who uses them?=== | ===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?=== | |||
*[[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]]. | ||
*A [[trustee]] wishing to negate the trustee equivalent of “[[ultra vires]]” where it acts beyond its powers. There the indemnity allows the trustee to be indemnified for that tis personal liability out of the trust’s assets. This is important not just for the trustee, it also negates any “{{t|ultra vires}}” effect against a [[bona fide]] third party without notice of the breach of trust. | *A [[trustee]] wishing to negate the trustee equivalent of “[[ultra vires]]” where it acts beyond its powers. There the indemnity allows the trustee to be indemnified for that tis personal liability out of the trust’s assets. This is important not just for the trustee, it also negates any “{{t|ultra vires}}” effect against a [[bona fide]] third party without notice of the breach of trust. | ||
''You might like the [[Jolly Contrarian]]’s sample [[Indemnity rebuttal|rebuttal letter]] when someone asks you for a wide [[indemnity]].'' <br><br> | |||
{{sa}} | {{sa}} | ||
*[[The Well-Crafted Indemnity]], an operetta by [[Otto Büchstein]] | *[[The Well-Crafted Indemnity]], an operetta by [[Otto Büchstein]] | ||
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*[[Negligence, fraud or wilful default]] | *[[Negligence, fraud or wilful default]] | ||
{{ | {{c3|Damages|Contract|Risk}} | ||
{{ref}} | {{ref}} | ||