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Template:Indemnitycapsule: Difference between revisions
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The “events” covered by an {{t|indemnity}} are usually unexpected costs and expenses the [[indemnified party]] incurs while performing obligations under the {{t|contract}}, the benefits of which accrue to the [[indemnifying party]]: things like [[tax]] charges levied on a custodian relating to assets it holds for its clients. Without an indemnity, the party incurring these costs would just have to wear them. This would be a windfall for the benefiting party. | The “events” covered by an {{t|indemnity}} are usually unexpected costs and expenses the [[indemnified party]] incurs while performing obligations under the {{t|contract}}, the benefits of which accrue to the [[indemnifying party]]: things like [[tax]] charges levied on a custodian relating to assets it holds for its clients. Without an indemnity, the party incurring these costs would just have to wear them. This would be a windfall for the benefiting party. | ||
An {{t|indemnity}} thus creates a payment obligation under the {{t|contract}} where one would not otherwise exist. If the indemnified event occurs | An {{t|indemnity}} thus creates a payment obligation under the {{t|contract}} where one would not otherwise exist. If the indemnified event occurs and the indemnifi''er'' doesn’t pay, the indemnifi''ee'' has an action in [[breach of contract]]. It can sue. | ||
And that’s about it. an {{isdaprov|indemnity}} gives you a right of suit where, without it, you would not have one. | And that’s about it. an {{isdaprov|indemnity}} gives you a right of suit where, without it, you would not have one. | ||