Editing Indemnity (section)

===Distinction from warranties===
An indemnity is distinct from a [[warranty]] in that:<ref>{{cite web|last1=Wallace|first1=Byrne|title=Warranties and indemnities: what's the difference?|url=http://www.inhouselawyer.co.uk/index.php/ireland/7833-warranties-and-indemnities-whats-the-difference|website=The In-House Lawyer|access-date=26 February 2015|date=5 February 2010|archive-url=https://web.archive.org/web/20150226105319/http://www.inhouselawyer.co.uk/index.php/ireland/7833-warranties-and-indemnities-whats-the-difference|archive-date=26 February 2015|url-status=dead}}</ref>
* An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
* Warranties require the beneficiary to mitigate their losses, while indemnities do not.
* Warranties do not cover problems known to the beneficiary at the time the warranty is given, while indemnities do.

{{Anchor|US Contracts}}