indemnification

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Related to indemnified: indemnification, indemnity

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 ?
The Claimant filed his claim before the Dubai Court of First Instance on the above mentioned basis and claimed that he is therefore entitled to be indemnified under Articles 481 and 1028.
Branko Geroski in Sloboden Pecat reminds that Nikola Gruevski "Prime Minister on departure" gave promises to the troubled people in Shipkovica that the Government will send teams to remove the water from the streets, and will bring water and food, medical assistance and electricity, stressing that the army and police will help, that damages will be assessed, financial aid will be granted and the suffered damages will be indemnified. People just stare at him and blink.
Even Indian suppliers refused to sell equipment until the law is amended or they can be sure they are indemnified against any liabilities.
It has emerged that Local Government Minister Lesley Griffiths wrote to the council in May, reminding it of legislation passed in 2006 which said: "No indemnity may be provided under this Order in relation to the making by the member or officer indemnified of any claim in relation to the alleged defamation of that member or officer but may be provided in relation to the defence by that member or officer of any allegation of defamation made against him".
Many believe that an indemnification holding a counterparty harmless against "all claims and damages, including attorneys' fees relating to the indemnifying party's breach of contract" entitles the indemnified party to recover its legal fees in actions for breach of contract directly against its counterparty.
Historically, states have scrutinized indemnification provisions and have gone out of their way to strike them when possible-particularly when the indemnification concerned a claim of personal injury to a consumer or when the indemnified party was actively at fault.
Article 23 and Article 166 could have the most effect on a director's legal position and personal liability, if, as suspected, in some instances a director is no longer able to be indemnified by their company, they will remain personally liable for any breach of duty.
Lane's attorneys cited California Labor Code 7237, which provides that an officer of a corporation should be indemnified against expenses if successful on the merits in defense of any proceeding brought by or in the right of the corporation.
"The court must rule Transocean cannot be indemnified if there is gross negligence," Andrew Langan, a lawyer for BP, told the judge yesterday.
Considering that your company is promising to indemnify another for claims by your own employees, your company should make sure that its liability insurance covers the other company and everyone else indemnified. If your current insurance does not cover this risk (and it probably would not without notifying the insurance company and having the policy changed to include the other company and its contractors as insureds), your company could be liable to pay out of its own pocket the costs for a claim, including an attorney to defend the indemnified company.
All citizens with denationalization decisions will have their properties back by the end of next year or else be indemnified with government securities, under the latest modifications to the denationalization securities law being in a parliamentary procedure, which would put an end to the denationalization project.