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An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
Indemnity clauses. s4, A party dealing as a consumer cannot contract to indemnify a third party on behalf of the other party, except insofar as it satisfies the requirement of reasonableness. Sale of goods . s6(3), Implied terms as to description, quality and sample ( Sale of Goods Act 1979 ss 13–15) may only be reasonably excluded where ...
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 ...
Impleader is frequently used for indemnification, such as an insurance policy or their employer. If for example a defendant is in a car accident, and their insurance policy includes an indemnification clause, they can implead their insurance company to pay out the lawsuit.
Take-or-pay clauses are common in the energy industry and, in particular, for gas sales; see volume risk. The High Court in England and Wales recognises such clauses as "a familiar provision in commercial contracts", but also notes that they have been a source of commercial dispute "for more than 100 years". [1]: Paragraph 40
The party entitled to the insurance company’s reimbursement — synonymous with the mortgagee or lender, in this case. Mortgagee clauses are sometimes referred to as “loss payee clauses.” ISAOA.
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 ...
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...
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