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indemnity

Compensation to a party for a loss or damage that has already occurred, or to guarantee through a contractual clause to repay another party for loss or damage that might occur in the future. The concept of indemnity is based on a contractual agreement made between two parties in which one party (the indemnitor) agrees to pay for potential losses or damages caused by the other party (the indemnitee). See also Indemnification; Indemnify; Indemnitee; Indemnitor; Indemnity clause; Indemnity contract.

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