What is indemnification?
An example of an AI chatbot conversation about indemnification and its implications.
Can you explain what indemnification means?
Indemnification is a legal concept where one party agrees to compensate another for certain damages or losses.
Why is indemnification important in contracts?
Indemnification clauses protect parties from financial loss due to claims or damages arising from the contract.
Can you give me an example of indemnification in a real-world scenario?
Sure! If a contractor damages a property while working, an indemnification clause can require them to cover repair costs.
Are there any limitations to indemnification?
Yes, limitations can include exclusions for gross negligence or willful misconduct, depending on the contract terms.
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