Contractual obligation to compensate for losses incurred by the other party
This article is about financial compensations. For the religious belief, see Indemnity (Unification Church).
Contract law
Formation
Capacity
Offer and acceptance
Meeting of the minds2
Abstraction principle4,5
Posting rule1
Mirror image rule
Invitation to treat
Firm offer
Consideration1,4
Implication-in-fact
Collateral contract
Defences
Misrepresentation
Mistake
Threats and unequal bargaining power
Illegality and public policy
Unconscionability
Culpa in contrahendo2
Force majeure
Frustration of purpose
Impossibility
Impracticability
Hardship
Set-off
Illusory promise1
Statute of frauds1
Non est factum1
Unclean hands1
Accord and satisfaction1
Exculpatory clause
Interpretation
Parol evidence3
Contract of adhesion
Integration clause
Contra proferentem
UNIDROIT Principles
Dispute resolution
Choice of law clause
Forum selection clause
Hague Choice of Court Convention
Arbitration
New York Convention
UNCITRAL Model Law
Mediation
Singapore Mediation Convention
Enforcement of foreign judgments
Hague Judgments Convention
Rights of third parties
Privity of contract1
Assignment
Delegation
Novation
Third-party beneficiary
Breach of contract
Anticipatory repudiation
Cover
Exclusion clause
Efficient breach
Deviation
Fundamental breach
Remedies
Specific performance3
Money damages
Liquidated, stipulated, or penal damages3
Rescission
Quasi-contractual obligations
Promissory estoppel1
Quantum meruit1
Unjust enrichment
Restitution
Negotiorum gestio2
Duties of parties
Duty of honest contractual performance (or doctrine of abuse of rights)6
Duty of good faith (also implied covenant of good faith and fair dealing or duty to negotiate in good faith)7
Contract A and Contract B6
Related areas of law
Conflict of laws
Commercial law
By jurisdiction
Australia
Canada
China (mainland)
Ireland
India
Saudi Arabia
United Kingdom
England and Wales
Scotland
United States
Other law areas
Tort law
Property law
Wills, trusts, and estates
Criminal law
Evidence
Notes
1 Specific to common law jurisdictions
2 Specific to civil and mixed law jurisdictions
3 Historically restricted in common law jurisdictions but generally accepted elsewhere; availability varies between contemporary common law jurisdictions
4 Specific to the German Bürgerliches Gesetzbuch and other civil codes based on the pandectist tradition
5 Explicitly rejected by the UNIDROIT Principles of International Commercial Contracts
6 Specific to Canadian contract law both in Québec and in the country's common law provinces
7 Specific to civil law jurisdictions, the American Uniform Commercial Code, and Canadian jurisprudence in both Québec and the common law provinces pertaining to contractual and pre-contractual negotiation
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In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "guarantee" is an obligation of one party (the guarantor) to another party to perform the promise of a relevant other party if that other party defaults.
Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident. In an agency context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving rise to an indemnity may be specified by contract, the actions that must be taken to compensate the injured party are largely unpredictable, and the maximum compensation is often expressly limited.
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