What exactly is contractual indemnity?
According to Black’s Law Dictionary, which is the Bible of all things legal, indemnity is a noun, defined as “reimbursement of compensation for loss, damage or liability.” Black’s likewise defined indemnify as a verb, “to reimburse a loss that someone has suffered because of another’s act or default.” While the duty to indemnify can arise in various settings, in the construction industry, indemnification is generally a matter of boilerplate contract language.
