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Indemnify (Indemnification)

By IncNow | Published October 19, 2013

To reimburse an officer, director, manager, etc. for costs associated with claims made or judgments obtained against them in the course of business. It can take the form of an advancement or a reimbursement. Usually managers will expect this promise to indemnify to be made as part of an LLC agreement or bylaws for them to assume the risks associated with managing a business.

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