English Commercial Law – Indemnities
Indemnities differ from warranties in that one party agrees to cover another's loss in this situation. The agreement may state that if one party (A) suffers loss as a result of the occurrence of a specific event, the other party (B) shall compensate A. They can be used in cases when the parties have conducted a risk analysis and determined that, should the event take place, one party will be responsible for the costs. For instance, an indemnification for claims of intellectual property infringement involving the items may be incorporated in contracts for the sale of commodities.
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