ENTRY DESCRIPTION
Indemnity is a contractual obligation of one party (indemnifier) to compensate the loss occurred to the other party (indemnity holder) due to the act 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 assuring the other party that guarantor will perform the promise of the third party if it defaults.

AUTHOR
You can find me in every capture I take.

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