Knock-for-knock is a form of indemnity that is used in energy industry contracts.
cross-indemnity agreement
A cross-indemnity agreement is a form of indemnity that is often used in energy industry and chemical industry contracts.
Additional Information
Under cross-indemnity agreements, the indemnification obligation is reciprocal in nature, regardless of fault. Therefore, each party obligates itself to indemnify the other for liabilities arising out of each other's acts or omissions.
Related Terms
Indemnification can mean that in policies written on an indemnification basis, the insurer...
Indemnity is compensation to a party for a loss or damage that has already occurred or to guarantee...
An indemnity contract is an agreement to pay on behalf of another party under specified...
