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In
contract law A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to t ...
, an indemnity is a contractual obligation of one
party A party is a gathering of people who have been invited by a host for the purposes of socializing, conversation, recreation, or as part of a festival or other commemoration or celebration of a special occasion. A party will often featu ...
(the ''indemnitor'') to compensate the loss incurred by another party (the ''indemnitee'') due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "
guarantee Guarantee is a legal term more comprehensive and of higher import than either warranty or "security". It most commonly designates a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages ...
" is an obligation of one party (the ''guarantor'') to another party to perform the promise of a relevant other party if that other party defaults. Indemnities form the basis of many
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident. In an
agency Agency may refer to: Organizations * Institution, governmental or others ** Advertising agency or marketing agency, a service business dedicated to creating, planning and handling advertising for its clients ** Employment agency, a business that ...
context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving rise to an indemnity may be specified by contract, the actions that must be taken to compensate the injured party are largely unpredictable, and the maximum compensation is often expressly limited.


English common law


Indemnity clauses

Under section 4 of the
Statute of Frauds The Statute of Frauds (29 Car 2 c 3) (1677) was an Act of the Parliament of England. It required that certain types of contracts, wills, and grants, and assignment or surrender of leases or interest in real property must be in writing and si ...
(1677), a "guarantee" (an undertaking of secondary liability; to answer for another's default) must be evidenced in writing. No such formal requirement exists in respect of indemnities (involving the assumption of primary liability; to pay irrespective of another's default) which are enforceable even if made orally. Under current English law, indemnities must be clearly and precisely worded in the contract in order to be enforceable. The
Unfair Contract Terms Act 1977 The Unfair Contract Terms Act 1977c 50 is an Act of Parliament of the United Kingdom which regulates contracts by restricting the operation and legality of some contract terms. It extends to nearly all forms of contract and one of its most im ...
stated that a consumer cannot be made to unreasonably indemnify another for their
breach of contract Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other part ...
or
negligence Negligence (Lat. ''negligentia'') is a failure to exercise appropriate and/or ethical ruled care expected to be exercised amongst specified circumstances. The area of tort law known as ''negligence'' involves harm caused by failing to act as ...
, though this section was repealed by the
Consumer Rights Act 2015 The Consumer Rights Act 2015 is an Act of Parliament of the United Kingdom that consolidates existing consumer protection law legislation and also gives consumers a number of new rights and remedies. Provisions for secondary ticketing and ...
schedule 4 paragraph 6.


Contract award

In
England and Wales England and Wales () is one of the three legal jurisdictions of the United Kingdom. It covers the constituent countries England and Wales and was formed by the Laws in Wales Acts 1535 and 1542. The substantive law of the jurisdiction is En ...
an "indemnity" monetary award may form part of rescission during an action of restitutio in integrum. The
property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...
and funds are exchanged, but indemnity may be granted for costs necessarily incurred to the innocent party pursuant to the
contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tr ...
. The leading case is '' Whittington v Seale-Hayne'', in which a contaminated
farm A farm (also called an agricultural holding) is an area of land that is devoted primarily to agricultural processes with the primary objective of producing food and other crops; it is the basic facility in food production. The name is use ...
was sold. The
contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tr ...
made the buyers renovate the
real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more genera ...
and, the contamination incurred medical expenses for their manager, who had fallen ill. Once the
contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tr ...
was rescinded, the buyer could be indemnified for the cost of renovation as this was necessary to the
contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tr ...
, but not the medical expenses as the
contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tr ...
did not require them to hire a manager. Were the sellers at fault,
damages At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognised at ...
would clearly be available. The distinction between indemnity and
damages At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognised at ...
is subtle and may be differentiated by considering the roots of the
law of obligations The law of obligations is one branch of private law under the civil law legal system and so-called "mixed" legal systems. It is the body of rules that organizes and regulates the rights and duties arising between individuals. The specific rights ...
: how can money be paid if the
defendant In court proceedings, a defendant is a person or object who is the party either accused of committing a crime in criminal prosecution or against whom some type of civil relief is being sought in a civil case. Terminology varies from one jurisd ...
is not at fault? The
contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tr ...
before rescission is voidable but not void, so, for a period of time, there is a legal
contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tr ...
. During that time, both parties have legal obligation. If the
contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tr ...
is to be voided ''
ab initio ''Ab initio'' ( ) is a Latin term meaning "from the beginning" and is derived from the Latin ''ab'' ("from") + ''initio'', ablative singular of ''initium'' ("beginning"). Etymology Circa 1600, from Latin, literally "from the beginning", from ab ...
'' the obligations performed must also be compensated. Therefore, the costs of indemnity arise from the (transient and performed) obligations of the claimant rather than a breach of obligation by the defendant.


Distinction from guarantees

An indemnity is distinct from a
guarantee Guarantee is a legal term more comprehensive and of higher import than either warranty or "security". It most commonly designates a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages ...
, which is the promise of a third party to honor the obligation of a party to a contract should that party be unable or unwilling to do so (usually a guarantee is limited to an obligation to pay a debt). This distinction between indemnity and guarantee was discussed as early as the eighteenth century in ''Birkmya v Darnell''. In that case, concerned with a guarantee of payment for goods rather than payment of rent, the presiding judge explained that a guarantee effectively says "Let him have the goods; if he does not pay you, I will."


Distinction from warranties

An indemnity is distinct from a
warranty In contract law, a warranty is a promise which is not a condition of the contract or an innominate term: (1) it is a term "not going to the root of the contract",Hogg M. (2011). ''Promises and Contract Law: Comparative Perspectives''p. 48 Cambri ...
in that: * An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value). * Warranties require the beneficiary to mitigate their losses, while indemnities do not. * Warranties do not cover problems known to the beneficiary at the time the warranty is given, while indemnities do.


United States contracts

Many private contracts and terms of service in the United States require one party (indemnitor, typically a customer) to pay (indemnify) the other side's costs for legal claims arising from the relationship. They are particularly common in online services. The US government publishes special Terms of Service, which it has negotiated with many companies, to exclude indemnification for official US government work. US law "is violated by any indemnification agreement that, without statutory authorization, imposes on the United States an open-ended, potentially unrestricted liability."The Anti-Deficiency Act Implications of Consent by Government Employees to Online Terms of Service Agreements Containing Open-Ended Indemnification Clauses (Opinion of the US Attorney General. 2012
opinion
/ref> The Attorney General says federal agencies "should renegotiate the terms of service to revise or eliminate the indemnification clause or cancel the overnments enrollments in social media applications when their operators insist on such a clause."


State variations

Under US law, interpretation of indemnification clauses varies by state.Bernstein, Jedidiah M. Esq. (May 2017). http://www.jdsupra.com/legalnews/tips-for-a-startup-manufacturer-in-31651/ For example, in California indemnification clauses do not cover certain risks unless the risks are listed in the contract, but in New York, the brief clause, "X shall defend and indemnify Y for all claims arising from the Product" makes X responsible for all claims against Y. Indemnity can be extremely costly since X's liability insurance typically does not cover claims against Y, but X still has to cover them. In 2017, the
Utah Supreme Court The Utah Supreme Court is the supreme court of the state of Utah, United States. It has final authority of interpretation of the Utah Constitution. The Utah Supreme Court is composed of five members: a chief justice, an associate chief justice, ...
stated, "By statute, a contractual provision requiring a purchaser of a product to indemnify a manufacturer is 'void and unenforceable' in certain circumstances. UTAH CODE § 78B-6-707." In 2012–2014, a New Jersey woman had to pay a lawyer to get out of an indemnity payment for injury at a storage unit. When someone slipped on ice in 2012 while going to a unit,
Public Storage Public Storage is an American international self storage company headquartered in Glendale, California, that is run as a real estate investment trust (REIT). It is the largest brand of self-storage services in the US. In 2008, it was the large ...
sued in court to make the woman who rented the unit pay for the injury. She tried to ignore the case and so state court ruled that she had to pay. She then retained a lawyer and went to court. In 2014, the US District Court decided that the specific indemnity clause was unenforceable in New Jersey because it covered Public Storage's own negligence without explicitly saying so, contrary to New Jersey law (other states differ). A 2013 decision in New Jersey upheld a broad indemnity clause since it was followed by another sentence: "indemnity agreement is intended to be as broad and inclusive as is permitted by the law of the State of New Jersey." The judge said, "It is true that a consumer, unfamiliar with the laws of New Jersey, would not be able to state with certainty how far the waiver extends." In 2010, the
Colorado Supreme Court The Colorado Supreme Court is the highest court in the U.S. state of Colorado. Located in Denver, the Court consists of a Chief Justice and six Associate Justices. Powers and duties Appellate jurisdiction Discretionary appeals The Court ...
required a flower shop to indemnify its shopping center for a customer who slipped on the icy parking lot, though of no fault of the flower shop, because the tenant was there to visit that shop, and the shop's lease had a broad indemnity clause. In 1999, the
United States District Court for the District of Wyoming The United States District Court for the District of Wyoming (in case citations, D. Wyo.) is the federal district court whose jurisdiction comprises the state of Wyoming and those portions of Yellowstone National Park situated in Montana an ...
did not require a customer to indemnify a whitewater rafting company for injury to his wife since the wording may have applied only to him and his children, and clauses cannot be enforced in Wyoming to indemnify a company for its own negligence. In 1979, the
Minnesota Supreme Court The Minnesota Supreme Court is the highest court in the U.S. state of Minnesota. The court hears cases in the Supreme Court chamber in the Minnesota State Capitol or in the nearby Minnesota Judicial Center. History The court was first assemb ...
ruled that a subcontractor must indemnify the builder for damages that it caused, according to an indemnification clause in their purchase order. In 1966, the
Supreme Court of California The Supreme Court of California is the Supreme court, highest and final court of appeals in the judiciary of California, courts of the U.S. state of California. It is headquartered in San Francisco at the Earl Warren Building, but it regularly h ...
ruled that
The Hertz Corporation The Hertz Corporation is an American car rental company based in Estero, Florida. The company operates its namesake Hertz brand, along with the brands Dollar Rent A Car, Firefly Car Rental and Thrifty Car Rental. It is one of the three big re ...
could not enforce its clause requiring renters to indemnify Hertz's insurer.


With negotiations

Indemnities can be expensive enough to bankrupt a company which pays them: "If manufacturers ... are to survive, they will need liability insurance, as well as favorable contracts with retailers. If you look at a big retailers, such as Trader Joe's or Costco or Walmart or Randalls, very often there will be an indemnity provision providing that, if you want to sell a product in our stores, and if it gets someone sick or if it has to be recalled, and it's your fault, you must pay us back for that." When a contract is "negotiable," the indemnitor negotiates to control those legal costs. It will not let the indemnified party (indemnitee) overspend: "An arrangement in which the indemnitee makes decisions about how to defend and settle the claim while the indemnitor writes the checks presents a
moral hazard In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk. For example, when a corporation is insured, it may take on higher risk ...
. 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. For this reason, most indemnitors are unwilling to indemnify against claims when they do not control the defense of the claim." The
American Bar Association The American Bar Association (ABA) is a voluntary bar association of lawyers and law students, which is not specific to any jurisdiction in the United States. Founded in 1878, the ABA's most important stated activities are the setting of aca ...
has published advice on negotiations of construction contracts: that (1) owners try to get contractors to indemnify as much as possible and for (2) contractors (a) indemnify only for their own negligence and (b) "establish a right but not a duty for the contractor to defend under an indemnification claim." An example of letting the indemnitor control costs is in the case of a contractor for a homeowners' association (HOA) in which "Contractor shall indemnify, defend (by counsel reasonably acceptable to Association) and hold harmless the Association." Companies and HOAs also use indemnity to protect directors since few would serve as directors if their risks were not indemnified. Negotiation is important for both parties. "Just about all homeowner association management contracts have a provision which states that the HOA shall indemnify the manager under certain circumstances ... There are several ways the indemnification clause can be drafted and both management and HOA must take into account what protects each the best." If indemnitors can negotiate a limit on liability in their contract, that limits the cost of a potential indemnity if they "make clear in the agreement that any limitations of liability (whether in the form of caps or exclusions of certain types of damages e.g., consequential) apply to the ... indemnification."


Without negotiations

When a contract is negotiable (
adhesion contract A standard form contract (sometimes referred to as a ''contract of adhesion,'' a ''leonine contract'', a ''take-it-or-leave-it contract'', or a '' boilerplate contract'') is a contract between two parties, where the terms and conditions of the co ...
), the wording often lets the indemnitee decide what to spend on legal costs and bill the indemnitor. Most clauses are quite broad. The following are examples of indemnity requirements from a range of businesses. The last one, Angie's List, limits issues to the user's fault, but decisions and costs are still controlled by the indemnitee (Angie's List). * "The yacht owner shall indemnify, defend, and hold harmless the marina from any costs, expenses, damages, and against all claims, demands, loss, lawsuits, including judgments and attorney fees for damages to property, injury or life to third parties resulting or arising from the yacht owner's use of the yacht." The lawyer for a boat owners' group interpreted that as meaning: "By signing a marina contract with such provisions, you may find yourself responsible for costs not covered by your insurance policy ... What it means is that if your guest is injured at the marina, even if it's the marina's fault, you agree that you will defend the marina against the claim and pay any damages for which the marina is deemed responsible." * "You agree to indemnify and hold Uber ... harmless from any and all claims ... in connection with: (i) your use of the Services ..." * "Occupant shall indemnify and hold Owner ublic Storageand Owner's Agents harmless from any loss incurred by Owner and Owner's Agents in any way arising out of Occupant's use of the Premises or the Property including, but not limited to, claims of injury or loss by Occupant's visitors or invitees." * "You agree to defend, hold harmless and indemnify edX ounded by Harvard and MITnbsp;... against any third-party claims ... in any way related to your use of the Site ..." * "You agree that you will indemnify and hold harmless NPR ... from any and all claims ... arising from ... (2) your use of the NPR Services, (3) the User Materials you have Submitted on or through the NPR Services, or (4) NPR's publication, distribution or use of such User Materials ..." * "If you are using our Services on behalf of a business, that business accepts these terms. It will hold harmless and indemnify Google ... from any claim, action or proceedings arising from or related to the use of the Services ..." * "Upon request by Bank of America or its Affiliates, you agree to defend, indemnify and hold harmless Bank of America ... from all liabilities, claims and expenses, including attorneys fees, that arise from ... third party claims arising from your use of the Sites. Bank of America and its Affiliates reserve the right to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. Notwithstanding the foregoing, you are not required to indemnify Bank of America or its Affiliates for its own violations of applicable laws." * "You agree to indemnify, defend and hold harmless Verizon Parties from and against all losses ... related to claims made by any third-party due to or arising out of (a) Submitted Material ... (b) your use of the Sites or Resources ... Verizon reserves the right to assume the defense and control of any matter subject to indemnification by you, in which event you will cooperate with Verizon in asserting any available defenses." * "You agree to indemnify, defend and hold harmless Angie's List ... against all losses ... arising from: (a) any violation of this Agreement by You; (b) the inaccurate or untruthful Content or other information provided by You to Angie's List or that You submit, transmit or otherwise make available through the Service; or (c) any intentional or willful violation of any rights of another or harm You may have caused to another. Angie's List will have sole control of the defense of any such damage or claim."


Insurance

Indemnity insurance compensates the beneficiaries of the policies for their actual economic losses, up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover. Recovery is limited to the amount of the provable loss even if the face amount of the policy is higher. This is in contrast to, for example, life insurance, where the amount of the beneficiary's economic loss is irrelevant. The death of the person whose life is insured for reasons not excluded from the policy obligate the insurer to pay the entire policy amount to the beneficiary. Most business interruption insurance policies contain an Extended Period of Indemnity Endorsement, which extends coverage beyond the time that it takes to physically restore the property. This provision covers additional expenses that allow the business to return to prosperity and help the business restore revenues to pre-loss levels.


Indemnity agreement for board members

As part of the appointment of officers, the board will often approve indemnification agreements with the officer. Such agreements provide for indemnification of officers for personal liability for actions taken on behalf of the corporation. The board will also approve separate resolutions that approve indemnification for decisions made by directors. Indemnity agreements are included in the post-incorporation processes of companies.


Historical examples


Freeing of slaves and indentured servants

Slave owners The following is a list of slave owners, for which there is a consensus of historical evidence of slave ownership, in alphabetical order by last name. A * Adelicia Acklen (1817–1887), at one time the wealthiest woman in Tennessee, she inh ...
were considered to have suffered a loss whenever their
slave Slavery and enslavement are both the state and the condition of being a slave—someone forbidden to quit one's service for an enslaver, and who is treated by the enslaver as property. Slavery typically involves slaves being made to perf ...
s were granted their freedom. When the slaves of
Zanzibar Zanzibar (; ; ) is an insular semi-autonomous province which united with Tanganyika in 1964 to form the United Republic of Tanzania. It is an archipelago in the Indian Ocean, off the coast of the mainland, and consists of many small islan ...
were freed in 1897, it was by compensation since the prevailing opinion was that the slave owners suffered the loss of an asset whenever a slave was freed. In the 1860s in the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...
, U.S. President
Abraham Lincoln Abraham Lincoln ( ; February 12, 1809 – April 15, 1865) was an American lawyer, politician, and statesman who served as the 16th president of the United States from 1861 until his assassination in 1865. Lincoln led the nation throu ...
had requested many millions of dollars from Congress with which to compensate slave owners for the loss of their slaves. On 9 July 1868, Section IV of the Fourteenth Amendment dismissed all of the claims that slave owners had been injured by the freeing of the slaves.Fourteenth Amendment and related resources at the Library of Congress
/ref>
/ref> In 1807–1808, in
Prussia Prussia, , Old Prussian: ''Prūsa'' or ''Prūsija'' was a German state on the southeast coast of the Baltic Sea. It formed the German Empire under Prussian rule when it united the German states in 1871. It was ''de facto'' dissolved by an e ...
, statesman
Baron Heinrich vom Stein Heinrich Friedrich Karl Reichsfreiherr vom und zum Stein (25 October 1757 – 29 June 1831), commonly known as Baron vom Stein, was a Prussian statesman who introduced the Prussian reforms, which paved the way for the unification of Germany. ...
introduced a series of reforms, the principal of which was the
abolition of serfdom The abolition of slavery occurred at different times in different countries. It frequently occurred sequentially in more than one stage – for example, as abolition of the trade in slaves in a specific country, and then as abolition of slavery ...
with indemnification to territorial lords.
Haiti Haiti (; ht, Ayiti ; French: ), officially the Republic of Haiti (); ) and formerly known as Hayti, is a country located on the island of Hispaniola in the Greater Antilles archipelago of the Caribbean Sea, east of Cuba and Jamaica, and s ...
was required to pay an indemnity of 150,000,000 francs to France in order to atone for the loss suffered by the
French French (french: français(e), link=no) may refer to: * Something of, from, or related to France ** French language, which originated in France, and its various dialects and accents ** French people, a nation and ethnic group identified with Franc ...
slave owners. In
Peru , image_flag = Flag of Peru.svg , image_coat = Escudo nacional del Perú.svg , other_symbol = Great Seal of the State , other_symbol_type = National seal , national_motto = "Firm and Happy f ...
, Antonio Salinas y Castañeda (1810–1874), a wealthy Peruvian landowner and conservative politician, led the meeting of the main landowners of the country for an indemnity after slavery abolition and ruled the commission who promoted the immigration of Asians to replace former slaves as a workforce during Ramón Castilla government.


Costs of war

The nation that wins a war may insist on being paid compensations for the costs of the war, even after having been the instigator of the war. * Following the Sino-Japanese War of 1894–1895, the
Treaty of Shimonoseki The , also known as the Treaty of Maguan () in China and in the period before and during World War II in Japan, was a treaty signed at the , Shimonoseki, Japan on April 17, 1895, between the Empire of Japan and Qing China, ending the Firs ...
required that
China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
pay
Japan Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the n ...
the sum of 200,000,000
tael Tael (),"Tael" entry
at the ...
s. * Following the massacres of foreigners during the
Boxer Rebellion The Boxer Rebellion, also known as the Boxer Uprising, the Boxer Insurrection, or the Yihetuan Movement, was an Xenophobia, anti-foreign, anti-colonialism, anti-colonial, and Persecution of Christians#China, anti-Christian uprising in China ...
, the defeated
Qing Empire The Qing dynasty ( ), officially the Great Qing,, was a Manchu people, Manchu-led Dynasties in Chinese history, imperial dynasty of China and the last orthodox dynasty in Chinese history. It emerged from the Later Jin (1616–1636), La ...
were to pay 450 million
tael Tael (),"Tael" entry
at the ...
s of fine silver as indemnity over a course of 39 years to the eight nations involved. Spence, Jonathan D.
991 Year 991 ( CMXCI) was a common year starting on Thursday (link will display the full calendar) of the Julian calendar. Events * March 1: In Rouen, Pope John XV ratifies the first Truce of God, between Æthelred the Unready and Richard I of ...
(1991), ''
The Search for Modern China ''The Search for Modern China'' is a 1990 non-fiction book by Jonathan Spence, published by Century Hutchinson and W. W. Norton & Company. It covers the period 1600 to 1989. According to Spence, the goal was to explain how Modern China was creat ...
'', WW Norton & Co. .
Under the
exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of t ...
s at the time, this was equal to 335 million US
gold dollar The gold dollar or gold one-dollar piece is a gold coin that was struck as a regular issue by the United States Bureau of the Mint from 1849 to 1889. The coin had three types over its lifetime, all designed by Mint Chief Engraver James B. Long ...
s or £67 million.


See also

* Double indemnity (insurance) * Professional indemnity insurance *
Protection and indemnity insurance Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo ...
*
Political correctness ''Political correctness'' (adjectivally: ''politically correct''; commonly abbreviated ''PC'') is a term used to describe language, policies, or measures that are intended to avoid offense or disadvantage to members of particular groups in socie ...
*
Reparations (transitional justice) Reparations are broadly understood as compensation given for an abuse or injury. The colloquial meaning of reparations has changed substantively over the last century. In the early 1900s, reparations were interstate exchanges (see war reparations) ...
*
Legal remedy A legal remedy, also referred to as judicial relief or a judicial remedy, is the means with which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes another court order to impose its ...
*
Restitution The law of restitution is the law of gains-based recovery, in which a court orders the defendant to ''give up'' their gains to the claimant. It should be contrasted with the law of compensation, the law of loss-based recovery, in which a court ...
*
Reparation (legal) In jurisprudence, reparation is replenishment of a previously inflicted loss by the criminal to the victim. Monetary restitution is a common form of reparation. Background In the Basic Principles and Guidelines on the Right to a Remedy and Repara ...
*
Reparations Reparation(s) may refer to: Christianity * Restitution (theology), the Christian doctrine calling for reparation * Acts of reparation, prayers for repairing the damages of sin History *War reparations **World War I reparations, made from ...
*
Reparations Agreement between Israel and West Germany The Reparations Agreement between Israel and the Federal Republic of Germany (German: ''Luxemburger Abkommen'' "Luxembourg Agreement" or ''Wiedergutmachungsabkommen'' "'' Wiedergutmachung'' Agreement", Hebrew: ''הסכם השילומים'' ''Hesk ...
,
Holocaust reparations The Holocaust had a deep effect on society both in Europe and the rest of the world, and today its consequences are still being felt, both by children and adults whose ancestors were victims of this genocide. Evidence in Germany German socie ...
*
World War I reparations Following the ratification of article 231 of the Treaty of Versailles at the conclusion of World War I, the Central Powers were made to give war reparations to the Allied Powers. Each of the defeated powers was required to make payments in eit ...
, made from Germany due to the signing of the Treaty of Versailles *
War reparations War reparations are compensation payments made after a war by one side to the other. They are intended to cover damage or injury inflicted during a war. History Making one party pay a war indemnity is a common practice with a long history. ...
*
Reparations for slavery Reparations for slavery is the application of the concept of reparations to victims of slavery and/or their descendants. There are concepts for reparations in legal philosophy and reparations in transitional justice. Reparations can take numer ...


References

{{Authority control Contract law Reparations Companies' terms of service