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Template:Indemnity description: Difference between revisions
→Why all the anxiety?
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The questions in your mind should always be: | The questions in your mind should always be: | ||
*Why shouldn't this loss fall on the party who would, under settled legal principles, ordinary bear it? If it should, and it would, you don't need an indemnity. | *Why shouldn't this loss fall on the party who would, under settled legal principles, ordinary bear it? If it should, and it would, you don't need an indemnity. | ||
*How open-ended is the loss likely to be? The more open ended the loss, the harder a job you will have persuading the other guy to wear it. | *How open-ended is the loss likely to be? The more open ended the loss, the harder a job you will have persuading the other guy to wear it. (and for that matter, the court to grant it to you in any case). | ||
{{Box|'''Example''': | {{Box|'''Example''': | ||
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*B does not need to (and indeed cannot) claim breach of contract, | *B does not need to (and indeed cannot) claim breach of contract, | ||
*B can call on the indemnity to require A to make a payment equal to the tax charge under the indemnity. | *B can call on the indemnity to require A to make a payment equal to the tax charge under the indemnity. | ||
*If A neglects to make the indemnity payment, B has an action in breach of contract.}} | *If A neglects to make the indemnity payment, B has an action in breach of contract.}} | ||
===Claiming under an indemnity=== | ===Claiming under an indemnity=== | ||