How do you use hereinafter?
Hereinafter is defined as in the next part. An example of hereinafter used as an adverb is describing what will be the next discussion point in a document; “Hereinafter, the document will explain the monetary parts of the agreement.” In the parts of this document, statement, or book that follow; after this.
Is it hereafter or hereinafter?
As adverbs the difference between hereafter and hereinafter is that hereafter is in time to come; in some future time or state while hereinafter is in the parts of this document, statement, or book that follow; after this.
What is another word for herein?
In this page you can discover 8 synonyms, antonyms, idiomatic expressions, and related words for herein, like: in this place, within, here, expressly, foregoing, hereunder, included and therein.
Is Hereby one word or two?
“Hereby” is hardly the only one; perhaps a familiar example of such a speech act is “I now pronounce you husband and wife.” Both usages are incorrect since hereby is an adverb but you are attempting to use it as an adjective. Also that is not a sentence as it lacks a verb.
What is another word for vested?
In this page you can discover 11 synonyms, antonyms, idiomatic expressions, and related words for vested, like: vest in, absolute, legal-estate, fixed, liferent, dressed, robed, outfitted, settled, complete and clothed.
What is the meaning of hereunder?
Definition of ‘hereunder’ 1. (in documents, etc) below this; subsequently; hereafter. 2. under the terms or authority of this.
What does hereunder mean in legal terms?
1 below this in a document; subsequently; hereafter. 2 under the terms or authority of this.
What means indemnify?
Indemnity is defined by Black’s Law Dictionary as “a duty to make good any loss, damage, or liability incurred by another.” Indemnity has a general meaning of holding one harmless; that is to say, that one party holds the other harmless for some loss or damage. …
What is indemnity example?
Indemnity is commonly included as a clause in contracts in which the actions or mistakes of one party may result in the other party being liable for damages. For example: In doing this, the hospital indemnifies the wheelchair company, or the hospital guarantees indemnity for any losses or injuries that may occur.
Should I sign an indemnity agreement?
It’s still your business decision whether you sign them or not, but you should do so only where it is a critical contract that you have no way of modifying or negotiating changes. In contrast, the best kind of Indemnity Agreement is commonly called a Mutual Indemnity Agreement or a Mutual Hold Harmless Provision.
What is the purpose of an indemnity?
Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.
What is the rule of indemnity?
What qualifies as insurance? The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured.
What are the types of indemnity?
Types of Indemnity
- Broad Indemnification. The Promisor promises to indemnify the Promisee against the negligence of all parties, including third parties, even if the third party is solely at fault.
- Intermediate Indemnification.
- Limited Indemnification.
What does indemnity mean in legal terms?
An indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event, called the ‘trigger event’. The trigger event can be anything defined by the parties, including: a breach of contract. a party’s fault or negligence. a specific action.
Who pays for an indemnity policy?
In most cases, it will be you as the seller of the property who pays the insurance premium. This is on the basis that you are selling a property that potentially has various issues. However, in some cases, the parties will split the premium between them.
What is the difference between liability and indemnity?
Public liability insurance can cover compensation claims if you’re sued by a member of the public for injury or damage, while professional indemnity insurance can cover compensation claims if you’re sued by a client for a mistake that you make in your work.
What happens when you indemnify someone?
Indemnify and Indemnification To indemnify someone is to absolve that person from responsibility for damage or loss arising from a transaction. Indemnification is the act of not being held liable for or being protected from harm, loss, or damages, by shifting the liability to another party.
What is a double indemnity?
Double Indemnity — payment by a life insurance policy of two times the face value when death results from an accident (e.g., an auto accident) as opposed to a health problem (e.g., cardiac arrest).
What is the opposite of indemnify?
indemnify. Antonyms: fine, mulct, amerce. Synonyms: compensate, se cure, satisfy, reimburse.
Why indemnity bond is required?
Indemnity bonds are a major subset of surety bonds. Their purpose is to guarantee financial reimbursement for any harm caused by illegal actions on the side of the bonded party. When getting indemnity bonds, the principal signs an indemnity agreement with the surety provider.
How much does an indemnity bond cost?
What Do Indemnity Broker Bonds Cost? These bonds generally cost between 1-15% of the requirement bond amount. The percentage you must pay is based on your financial strength, e.g. personal credit, business financials, etc. If you’re ready, get a free quote for your bond today.
Is indemnity bond legal in India?
According to the law, Section 124 of the Indian Contract Act, 1872 states an agreement of indemnity between two parties wherein one party promises to pay for the damages of another party if caused by him or by another person.
WHO issues letter of indemnity?
A letter of indemnity (LOI) is a document which the shipper indemnifies the shipping company against the implications of claims that may arise from the issue of a clean Bill of Lading when the goods were not loaded in accordance with the description in the Bill of Lading.
How do you get a letter of indemnity?
First, include the date the document is being executed (signed). Title the letter as a “Letter of Indemnity” to make it clear what the document is about. Include a statement that the agreement will be governed by the laws of the specific state (where the agreement would be taken to court).
What is a bank indemnity?
Indemnity Claims are the method by which a payer can claim their payment back under the Direct Debit Guarantee. The bank is obliged to offer an immediate refund in the event that a Direct Debit has been taken in error or without authority. This refund is then claimed back out of the Service User’s (your) bank account.
Who can sign indemnity bond?
11. The Indemnity bond should be signed by two witnesses and two sureties (name, address and signature). 12. Affidavit should be verified in presence of a First Class Magistrate or a Notary Public.