indemnitor

When a contract is negotiable, the customer (indemnitor) negotiates to control these legal costs.

According to the Platt case, a nonparty witness is very different than a potential indemnitor who is sitting at the table at trial.

It is possible however, that an indemnitor would remain liable if the terms of the contract of indemnity were drawn in broad enough terms.

An indemnity is an obligation by a person (indemnitor) to provide compensation for a particular loss suffered by another person (indemnitee).

A guarantee or indemnity should not be enforceable unless it is set out in writing and signed by theguarantor or indemnitor or by his agent.

It is true, however, that the mere existence of a written document, whose terms may be incomprehensible to a guarantor or indemnitor, often does little more than confuse the issue.

GUARANTOR: A guarantor, co-signer, indemnitor, endorser or other individual liable for payment of money owing.

For one reason or another, A doubts B's ability to pay for the goods and thus requires B to furnish a guarantor or indemnitor before going through with the agreement.

Another form of collateral security is the contract of indemnity,4 whereby a third party (the indemnitor) agrees with a creditor to be responsible for any loss arising from the principal contract.

It will not let the company (indemnitee) overspend, "An arrangement where the indemnitee makes decisions about how to defend and settle the claim while the indemnitor writes the checks presents a moral hazard."

Knowing that its defense and settlement costs are being borne by the indemnitor, the indemnitee may be encouraged to engage a more expensive legal team or pursue a riskier defense strategy than it would otherwise.

Citizens were released from jail by having an indemnitor pay a sum in currency and to pledge the defendant will show up to court backed by the indemnitor's property such as his sheep.

In cases where liability is clear and the insurer or other indemnitor is prepared to pay its portion of the claim, the lawyer is under a duty to arrange for payment of the balance.10 Giving Independent Advice 12.

A written contract entered into between indemnitor and surety in which indemnitor secures surety against loss the surety may sustain as a result of having issued a bond for a third party (usually a company owned by the indemnitor) or for the indemnitor.