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An indemnity is distinct from a guarantee, which is the promise of a third party to honor the obligation of a party to a contract should that party be unable or unwilling to do so (usually a guarantee is limited to an obligation to pay a debt).
After the Franco-Prussian War, according to conditions of Treaty of Frankfurt (May 10, 1871), France was obliged to pay a war indemnity of 5 billion gold francs in five years. The indemnity was proportioned, according to population, to be the exact equivalent to the indemnity imposed by Napoleon on Prussia in 1807. [9]
Surety bonds are instruments that create a legal obligation for one party to pay another. An indemnity bond is a specific type of surety bond that's often used in situations where someone is ...
Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a ...
In legal terms, an Act of Indemnity is a statute passed to protect people who have committed some illegal act which would otherwise cause them to be subjected to legal penalties. International treaties may contain articles that bind states to abide by similar terms which may involve the parties to the treaty passing domestic legislation to ...
Military Claims 'Knock for knock' is also used in a specific, analogous sense, for example, the following, cited in the "Law at War", from the US Army website : In addition to handling these routine matters, the chief of the Claims Section participated in the negotiations with the Korean government concerning the payment of foreign claims generated by troops of the Army of the Republic of ...
Richard Linklater’s “Hit Man” reworks the femme fatale trope, imagining a world where the possibility of love is open for men and women, writes Noah Berlatsky.