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Warning
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Simple English definitions for legal terms
indemnitor
Read a random definition: irreparable injury
A quick definition of indemnitor:
Term: INDEMNITOR
Definition: An indemnitor is someone who promises to protect or compensate another person if they suffer a loss or damage. It's like having a safety net or insurance policy. The indemnitor is also known as an indemnifier.
A more thorough explanation:
Definition: An indemnitor is someone who agrees to compensate or reimburse another person for any losses or damages they may incur.
For example, if a company hires a contractor to perform work on their property, the contractor may require the company to sign an indemnification agreement. This agreement would make the company the indemnitor, meaning they would be responsible for any damages or losses that occur as a result of the contractor's work.
Another example would be a landlord requiring a tenant to sign an indemnification agreement. This would make the tenant the indemnitor, meaning they would be responsible for any damages or losses that occur during their tenancy.
These examples illustrate how an indemnitor is someone who takes on the financial responsibility for any damages or losses that may occur in a particular situation.