An Indemnity is a sum paid by A to B by way of
compensation for a particular loss suffered by B. The indemnifying party (A) may or may not be responsible for the loss suffered by the indemnified party (B). Methods of indemnity:- a. Payment of cash b. Repairs c. Replacement d. Reinstatement
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A phrase used in contract law to signify a commitment by one party to make good or repay another party in the event of a specified loss.
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