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LSDefine

Simple English definitions for legal terms

indemnity contract

Read a random definition: Ellenborough's Act

A quick definition of indemnity contract:

An indemnity contract is an agreement between two or more parties that creates obligations that can be enforced by law. It is a written document that sets out the terms of the agreement. A contract can refer to three things: the actions taken by the parties to create new legal relations, the physical document that serves as evidence of the agreement, and the legal relations that result from the agreement. A contract is a promise or set of promises that the law recognizes as a duty. An indemnity contract is a type of contract that requires one party to compensate the other party for any losses or damages that may occur as a result of the agreement.

A more thorough explanation:

An indemnity contract is a type of contract that creates obligations between two or more parties. These obligations are enforceable by law.

For example, let's say that John hires a contractor to build a new deck on his house. As part of the contract, the contractor agrees to indemnify John against any damages or injuries that occur during the construction process. This means that if someone gets hurt while the deck is being built, the contractor is responsible for paying any resulting damages or medical bills.

Another example of an indemnity contract is when a tenant signs a lease agreement. The lease may include a clause stating that the tenant is responsible for any damages that occur to the property during their tenancy. This means that if the tenant accidentally breaks a window or damages the flooring, they are obligated to pay for the repairs.

Overall, an indemnity contract is a legal agreement that outlines the responsibilities and obligations of each party involved. It is important to carefully review and understand the terms of any contract before signing it.

indemnity clause | indemnity land

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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