What is the purpose of indemnification?
An example of an AI chatbot conversation about the purpose of indemnification in legal contexts.
What is the purpose of indemnification?
Indemnification is a legal principle that protects one party from financial loss or liability caused by another party's actions.
Can you give me an example of indemnification in a contract?
Sure! In a construction contract, the contractor may indemnify the property owner against claims arising from accidents on the job site.
Are there any limitations to indemnification?
Yes, indemnification clauses can be limited by law, and they may not cover intentional misconduct or gross negligence.
How does indemnification differ from insurance?
Indemnification is a contractual agreement between parties, while insurance is a policy that provides financial protection against specific risks.
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