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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).
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 ...
Subrogation is the assumption by a third party (such as a second creditor or an insurance company) of another party's legal right to collect debts or damages. [1] It is a legal doctrine whereby one person is entitled to enforce the subsisting or revived rights of another for their own benefit. [2]
The duty to defend is a contractual indemnitor or liability insurer's duty to defend the insured or indemnified party against claims. It is generally broader than the duty to indemnify and may cover defense against claims where ultimately no damage is awarded, and possibly even against claims that would not be covered by the duty to indemnify. [1]
An indemnity bond is a specific type of surety bond that's often used in situations where someone is borrowing money. However, you might also be … Continue reading → The post What Is an ...
As a whole, an award for costs on the Indemnity Basis is much more favourable to the receiving party than an award of the Standard Basis. For example, in the case of Patrick Wang Ho Yin, Mr. Wang was ordered to pay $375,000 for a half-day hearing after the Court has found it reasonable to impose liability on an indemnity basis. In this case ...
The right to property, or the right to own property (cf. ownership), is often [how often?] classified as a human right for natural persons regarding their possessions.A general recognition of a right to private property is found [citation needed] more rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e. corporations) and where it is used for ...
Create more effective means of enforcing compliance with trade regulations, punish the Province of New York for failing to comply with the 1765 Quartering Act, and; establish the precedent that the British Parliament had the right to tax the colonies. [4] The Townshend Acts met resistance in the colonies.