indemnification


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indemnification

A contractual obligation by which one person or organization agrees to secure another against loss or damage from specified liabilities.
References in periodicals archive ?
It's a good idea to talk to an experienced professional to make sure that when buying insurance you don't give up a substantial part of the claims control you fought so hard to attain through your carefully crafted intellectual property indemnification agreement.
While indemnification is a required piece of an effective program, it could leave an owner or manager chasing after the assets of their vendor.
In all tobacco-related class actions and individual lawsuits with conclusive rulings already rendered by the Brazilian Courts, the indemnification claims have been rejected.
For example, a comprehensive indemnification agreement should specify the situations in which the company must indemnify you, mandate advancement of defense costs, provide for penalties against the company if it fails to honor its indemnification commitment, and require the company to obtain or maintain D & O insurance.
The American Institute of Certified Public Accountants continues to de fend the practice and stresses that indemnification clauses in agreements with audit clients "cover only knowing misrepresentations.
Lozoff stressed that there is one basic way to nullify indemnification.
Similar to their previous rulings, the justices of the Superior Court accepted Souza Cruz's appeal and rejected the indemnification claim on grounds that cigarette is an inherently dangerous product, the decision to use of which lies exclusively with the consumer.
Mike Curtis explains, "With this proposition, we are able to bring the community ethos of OSS to organisations that up until now have been restricted by a lack of viable indemnification for their adoption of OSS outside the commercial vendor backed products.
In fact, based upon the terms of the indemnification agreement, the court found that it was unlikely that Georgia Pacific would ever seek reimbursement from Canal.
The amended counterclaim sought indemnification for the $1 Million that MacNeal Hospital had agreed to pay to settle the case.
Income tax indemnifications are contractual arrangements between two parties whereby one party will reimburse the other for income taxes paid to a taxing authority related to tax positions that arose, typically, before the transaction in which the indemnification was established.
In this regard, the regional revenue service of the Governorate of Ariana started payment of 100,000 dinars as first part of the indemnification distributed to families of five martyrs, by means of 20,000 dinars for each family, pending remainder of the compensation to be paid to the injured.