An indemnification agreement is a formal contract which decides who shall take financial responsibility in a deal. In other words, one party agrees to protect another against any possible financial losses or claims. The term indemnification means that one cannot be held liable or is being protected from paying the expenses by transferring the liability to another party. It is most commonly seen in insurance agreements, where the insurance firm takes the responsibility of paying certain expenses on behalf of the insured.
The insured, thus, only has to pay a part of the costs, as per the policy. It is also seen in rental agreements, where the landlord will be not have to pay for damages if the tenant is hurts himself in the house due to any defect in the property. However, it will not be valid if the tenant has earlier complained to the landlord about the defect and the landlord did not do anything about it.
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