Indemnification

{
  "id": "MLC-T-ENV-014042",
  "term": "Indemnification",
  "field": "Environment",
  "definition": "1. A risk allocation tool used in property transactions which typically involves an agreement that provides for one party to bear the costs, either directly or by reimbursement, for damages or losses incurred by a second party. Typical costs may include costs of investigations and cleanup actions, third party personal injury claims, etc.\n\n2. In the pesticide program, legal requirement that EPA pay certain end-users, dealers, and distributors for the cost of stock on hand at the time a pesticide registration is suspended.",
  "subject": "General environmental",
  "references": [
    "Environmental Insurance and Risk Management Tools Glossary",
    "Terms of Environment"
  ],
  "url": "https://mlchart.com/terminology/environment/indemnification/"
}