Home > Glossary

Knock For Knock Indemnity

Knock-for-Knock Indemnity

Definition

A form of indemnity that is used in energy industry contracts. Knock-for-knock indemnity is reciprocal in nature and is based on ownership of property and personnel as opposed to allocating risk based on fault. Each party to an oil and gas contract agrees to take responsibility for and to indemnify the other party against injury and loss to its own property and personnel.

Related Terms

Related Products

Navigation

Social Media

User ID: Subscriber Status:Free