PandaTip: An example of a case where this agreement can be useful is when one party uses another party`s property for a function and the latter party does not want to take responsibility for what may happen in the function. In this case, the above “description” would be “use the indemnified party`s property in X to host a feature…” ». An example of compensation are rental cars. If a person signs an agreement with a compensation clause and has an accident with a rental car, that person is solely responsible for the costs associated with the accident. The company that lent the rental car to the person is protected from any liability. Compensation is common in agreements between an individual and a company (for example. B an agreement to obtain car insurance). However, it can also apply to a greater extent to relations between companies and governments or between the governments of two or more countries. Another common form of reparation is that which a victorious country demands from a defeated country after a war. Depending on the amount and amount of compensation due, he can expect years or even decades for it to be profitable.
One of the best-known examples is the compensation that Germany paid after its role in the First World War. These reparations were finally paid in 2010, almost a century after they came into effect. The agreement may describe a counterparty (usually a sum of money) that will be used to obtain the agreement. The agreement specifies the specific conditions under which the exemption from compensation will be made commercial. It is quite complicated legal language. An opt-out clause is standard in most insurance contracts. However, what exactly is covered and to what extent depends on the specific agreement. Each specific indemnification agreement has a so-called compensation period or a certain duration for which the payment is valid. Similarly, many contracts include a letter of indemnification that guarantees that both parties will abide by the terms of the contract (or compensation must be paid).
Compensation refers to the protected party in the agreement and compensation is the party that provides protection. Kennels can ask owners to sign a compensation agreement before leaving their pet overnight. .