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indemnity definition - legal

n

  1. A duty, typically arising from contract, in which one promises to make good anotherÂ’s financial loss or liability, resulting from a particular event or contingency.
  2. The act of making good anotherÂ’s financial loss or liability, resulting from the occurrence of a particular event or contingency.
  3. The injured partyÂ’s right to claim payment from the party with the duty.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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