indemnity
B2CEFR level
60/100Rarity: rare
TechnicalRegister
Law noun
A contractual obligation to compensate another party for a defined loss or liability.
The share purchase agreement contained a broad indemnity covering any pre-completion tax liabilities.
Business noun
A commitment to compensate another party for a specified loss or liability.
Directors won't join the board without an indemnity covering suits arising from their decisions.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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