What are the types of indemnification?
An example of an AI chatbot conversation about types of indemnification in legal contexts.
What are the different types of indemnification?
Indemnification generally falls into three main types: contractual indemnification, statutory indemnification, and common law indemnification.
Can you explain contractual indemnification?
Sure! Contractual indemnification occurs when one party agrees to compensate another for certain damages or losses, as specified in a contract.
What about statutory indemnification?
Statutory indemnification is provided by law, where statutes outline specific circumstances under which one party must indemnify another.
And what is common law indemnification?
Common law indemnification arises from court decisions and is based on the principle that a party should not suffer loss due to another's actions.
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