Indemnity

Explanation: An amount paid by Person A to Person B that compensates for a particular loss suffered by Person B.

Our Thoughts: Forms of indemnity can include cash payment, repairs, replacement, and reinstatement.

Background: In common language, indemnity is a synonym for compensation or reparation. In bankruptcy, indemnity is also called a "hold harmless" clause.

Synonyms:
Hold Harmless Clause