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People often find themselves in unfamiliar situations where they could use a bit of legal advice. However, they might not be sure of who to turn to. Consulting with an attorney near you will usually be an appropriate step to take. However, what kind of lawyer does each situation require? This guide will walk individuals through several types of lawyers who handle specific types of cases in the most common areas of law: financial, business, civil, and personal law.
When an indemnity agreement is set in place, financial responsibility is decided. Indemnification according to Black’s Law Dictionary, is “a duty to make good any loss, damage or liability incurred by another.” In general it means to “hold harmless” such that one party will hold another harmless in the case of damage or loss. Therefore, indemnification is the act of not being held liable, or of being protected from costs associated with damages. The costs are shifted to another party who is held liable and will have to pay for any such losses. Indemnity also comes with the understanding that when a party is injured, they have a right to claim compensation or reimbursement for any loss or damages. It can also refer to being compensated for damages or loss that occurs because of the action of a separate party. Or it can be described as a sort of legal exemption from having to pay any type of loss or damage in cases where an indemnity clause is included in a contract.