👉 An indemnificator is a person or entity that agrees to bear certain liabilities or risks in exchange for payment of a fee. They are often used in commercial transactions, particularly those involving insurance and liability management. In general terms, an indemnificator acts as a "guarantor" of the performance of the company or individual by which they are providing insurance coverage. They provide a financial guarantee to the insurer that if the insured party fails to perform their obligations under the policy, the indemnificator
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What is the definition of Indemnificatory? 🙋
👉 Indemnificatory in law refers to a legal obligation that obliges a party to pay compensation or damages for a breach of contract, warranty, or other contractual obligation. This is similar to indemnity insurance, where the insurer agrees to cover the loss or damage caused by its insured if the policyholder breaches an agreed-upon duty. In summary, indemnificatory refers to the legal obligation that obliges a party to pay compensation for a breach of contract, warranty, or other contractual obligation
