Indemnity is defined as "a duty to make good any loss, damage, or liability incurred by another. It also includes an understanding that an injured party has a right to claim reimbursement or compensation for a loss or damage to the person who has the duty.
Indemnity can also refer to compensation for loss or damage from the actions of another party. Here the owner of the property agrees to indemnify the loss bearer due any costs arising out of the property in dispute.
Why Draft Indemnity by a landowner whose title is in dispute?
- To ensure the loss bearer that he will be reimbursed all the cost incurred.
- To bind the landowner legally to indemnify the loss bearer.
- To make a promise to indemnify in case of any loss.
- To declare that he has proper title towards the said land in dispute.
- Indemnify the loss
- Claim having true title on the property.
- To legal bind them together.
- Identify the true owner.
You need to keep in mind the following details
- Complete Name & Address of the landowner
- Complete Name &Address of the loss bearer.
- Property whose title is in dispute.
- The third party Name & Address.
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