Music1 min ago
Indemnity vs Liability
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What is the difference between an indemnity for breach of contract and a liability for breach of contract?
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Indemnity for breach = provides a commitment to compensate in the event that such a breach occured. The indemnity could be in the form of a commitment by a third-party, an insurer, say.
liability for breach = the exposure (sometimess expressed in money terms within the contract, sometimes determined by the courts in the event of a proven legal case) that one party (to a contract) has to another party in the event that it did breach the contract.
Indemnity for breach = provides a commitment to compensate in the event that such a breach occured. The indemnity could be in the form of a commitment by a third-party, an insurer, say.
liability for breach = the exposure (sometimess expressed in money terms within the contract, sometimes determined by the courts in the event of a proven legal case) that one party (to a contract) has to another party in the event that it did breach the contract.
Ah, so what you're saying, buildersmate, is that the party who suffers a breach of contract can be indemnified (i.e. compensated) by the other party who is liable for the breach (perhaps via a third party) who is responsible for the breach?
Actually, isn't that pretty much what I wrote - albeit more concisely? Sorry to steal your thunder.
Actually, isn't that pretty much what I wrote - albeit more concisely? Sorry to steal your thunder.
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