indemnitor
Definition
An indemnitor is the person or company who agrees to cover another party's losses, damages, or legal costs if something goes wrong. Think of it as the person who says 'if you get sued or lose money because of this deal, I've got you covered.' This promise usually appears in a contract and can be a serious financial commitment.
Example
If you sign a contract with a shopping mall to run a pop-up shop and you agree to be the indemnitor, you're promising to pay the mall's legal bills if a customer gets hurt in your booth and sues the mall.
Watch Out
Being an indemnitor can expose you to costs far beyond what you originally expected, so always have a lawyer review any contract before you agree to take on this role.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.