An indemnity is an agreement in terms of which one party indemnifies another from liability for certain possible future events, liability and risk for such an event.

Eg: In a garage or a mechanics workshop a sign that reads “Cars are driven at the owner’s risk” or in a parking garage “Cars are stored at the owner’s sole risk.” These are general terms of indemnity that a service provider wants you to agree to, and can also often be found on quotations and invoices.

Today; we thought we would try and answer this question which was sent to us last week on Friday.