From the 'Lectric Law Library's Lexicon
Indemnity

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INDEMNITY

An agreement whereby one party agrees to secure another against an anticipated loss or damage. For example, someone may agree to turn a business over to another person for a reduced price if they pay the debts and other obligations of the business. In a broad sense, insurance policies are indemnity contracts. (2) A provision in a lease that requires a tenant to pay (indemnify) a landlord for damages.

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