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Indemnification
A common contractual clause requiring the seller to indemnify or absolve the buyer of liability in the event of misrepresentations or breaches of warranties or covenants. Similarly, the buyer usually agrees to indemnify the seller. In effect, it is the reimbursement to the other party for a loss for which it was not responsible.
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- Part of Speech: noun
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- Industry/Domain: Banking; Business services
- Category: Mergers & acquisitions
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