"Make good indemnify" is a phrase used within legal and insurance context, specifically pertaining to indemnification agreements. It refers to the act of fulfilling or carrying out the obligation to compensate or reimburse someone for any loss, damage, or liability incurred. The concept of indemnification provides protection against potential financial risks or liabilities.
In this context, "make good" emphasizes the responsibility or commitment to rectify, restore, or satisfy any harm, loss, or cost suffered by the indemnitee – the individual or entity being indemnified. The party offering indemnification assumes the duty to cover the indemnitee's losses, whether they result from legal action, contractual breaches, accidents, or other similar events.
Indemnification is often embedded in contracts, such as leases, construction agreements, or insurance policies, ensuring that one party is protected against any losses resulting from another party's actions or negligence. By making good on the indemnification, the indemnitor assumes full financial responsibility, usually through reimbursement or compensation, for any harm or loss the indemnitee may incur.
Overall, "make good indemnify" underscores the commitment to financially support and indemnify the indemnitee, safeguarding them from potential financial burdens and mitigating risk.
