What is indemnity in SAP SAP-LEGAL - Global Field Legal?

SAP Term: indemnity

• Component: SAP-LEGAL

• Component Name: Global Field Legal

• Description: A duty to make good any loss, damage or liability incurred by another.

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• Key Concepts: 
  Indemnity is a legal concept that is used to protect a party from any losses or damages that may arise from a contract or agreement. In the context of SAP-LEGAL Global Field Legal, indemnity is a contractual agreement between two parties in which one party agrees to compensate the other for any losses or damages that may arise from the contract. 
  
  How to use it: 
  In order to use indemnity in SAP-LEGAL Global Field Legal, both parties must agree to the terms of the indemnity agreement. This agreement should include details such as the scope of the indemnity, the amount of compensation, and any other relevant information. Once both parties have agreed to the terms of the indemnity agreement, it should be signed and dated by both parties. 
  
  Tips & Tricks: 
  When drafting an indemnity agreement, it is important to ensure that all relevant information is included. This includes details such as the scope of the indemnity, the amount of compensation, and any other relevant information. Additionally, it is important to ensure that both parties understand and agree to all of the terms of the agreement before signing it. 
  
  Related Information: 
  Indemnity agreements are commonly used in many different types of contracts and agreements. It is important to understand how indemnity works and how it can be used in order to protect both parties involved in a contract or agreement. Additionally, it is important to consult with a legal professional when drafting an indemnity agreement in order to ensure that all relevant information is included and that both parties understand and agree to all of the terms of the agreement.