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Indemnity

Published 16.11.11 at 13:33

Parties are likely to want extensive contractual protections in the form of warranties and indemnities. These can provide a means of redress if they subsequently find that they are not getting what they thought out of the agreement.

Indemnities are promises to reimburse the other party to a contract for a specific liability or circumstance that may arise in the future.

For example, the seller of a painting may indemnify the buyer against any reasonable costs arising from a third party claim to intellectual property infringement. If it turns out that the painting infringed the copyright in another painting then the buyer may have a claim against the seller.

Photograph (some rights reserved) by nsub1

 

Please note that this article discusses the legal position in the UK at the time of publication. It provides general information only but is not to be regarded as legal advice. You must take advice from a specialist lawyer in relation to your specific circumstances. Further, you should seek additional legal advice when dealing with parties based in other parts of the world or works originating from other parts of the world as the legal position may vary.

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