Indemnity, so hard to grasp but so vital to manage
Updated: Aug 6, 2023
Indemnities are used to ensure that one party who suffers financial loss in relation to a certain situation is compensated.
This could be to indemnify a party who is to protect a party from third party lawsuits. indemnities can be also be triggered by losses incurred without needing to prove who was at fault.
Potentially it ruin our business, there for your obligation to indemnify someone should be limited as far as possible.
Of course, some indemnity clauses could be a deal-breaker for the customer or supplier. Then they should be limited to for example not more than: damage to property or personal injury, death and IPR infringements.
Disclaimer
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