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compensation vs indemnification

Both 'compensation' and 'indemnification' are correct terms, but they are used in different contexts. 'Compensation' is more commonly used in general situations to refer to payment or benefits given in return for something. 'Indemnification' is often used in legal contexts to refer to protection against loss or damage. They are not directly interchangeable as they have specific meanings in their respective contexts.

Last updated: March 25, 2024 • 960 views

compensation

This is a correct term commonly used to refer to payment or benefits given in return for something.

The term 'compensation' is used to describe the act of compensating or making up for something, often in the form of money or benefits.

Examples:

  • Employees receive compensation for their work.
  • The company offered compensation for the inconvenience caused.
  • A third phenomenon was that of price compensation.
  • · possibility of introducing a compensation fund.
  • This Green Paper concerns compensation by the State.
  • Second, the application seeks compensation for damage allegedly sustained.
  • The awarding authority may also demand compensation for damage caused.
  • The Community may not claim any compensation under this Article.
  • We grieve at your loss and offer substantial monetary compensation.
  • Moreover, the compensation was not based on discretionary budget allocations.
  • No compensation mechanism is necessary for freight transport.
  • Licences for exploitation purposes should involve adequate compensation, financial or otherwise.
  • My fourth point concerns the damages and compensation system.
  • International law actually covers unresolved compensation issues.
  • Nor have they honoured the agreed compensation package.
  • Victims must also have the right to compensation for damages, including court costs.
  • We need clear measures to help victims with access to assistance, justice and compensation.
  • compensation and financial support instruments to:
  • the need to provide compensation for transaction costs
  • Is compensation planned for losses of income?
  • If it proved impossible to quantify exactly the amount of aid, Italy could pay compensation to competitors.
  • What rate of compensation for material damage is contemplated?

Alternatives:

  • payment
  • remuneration
  • reparation
  • settlement
  • salary

indemnification

This is a correct term often used in legal contexts to refer to protection against loss or damage.

'Indemnification' is used to describe the act of providing protection or security against potential loss or damage, especially in legal agreements.

Examples:

  • The contract included an indemnification clause to protect against any legal claims.
  • The insurance policy offered indemnification for property damage.
  • liability, indemnification and confidentiality arrangements between the participants.
  • The UK does not seem to consider this indemnification as aid.
  • TKMS/GNSH fails to understand why the indemnification of TKMS/GNSH (as successor of HDW/Ferrostaal) would invalidate this conclusion.
  • And the vocabulary word for tonight is "indemnification."
  • As a result, the acquirer obtains an indemnification asset.
  • Paragraph 57 provides guidance on the subsequent accounting for an indemnification asset.
  • liability, indemnification and confidentiality arrangements between the participants.
  • The final component is immediate assistance in the case of delays, including a compensation and indemnification system.
  • Indeed, there is no obligation for TKMS/GNSH to re-invest in HSY the indemnification received.
  • A claim for indemnification is sufficiently defined if the potential plaintiff and the underlying event are specifically described.
  • Fifth, as regards the alleged indemnification, Romania submitted detailed information on the debt arrangement included in the special law on the privatisation of Automobile Craiova.
  • Except as provided in Article 45, nothing in this Chapter shall affect the rights and obligations of the carriers between themselves, including any right of recourse or indemnification.
  • The Commission has no legal authority to harmonise the Member States' systems for indemnification of livestock farmers nor do the Member States want them to be harmonised.
  • In some circumstances, the indemnification may relate to an asset or a liability that is an exception to the recognition or measurement principles.
  • For example, an indemnification may relate to a contingent liability that is not recognised at the acquisition date because its fair value is not reliably measurable at that date.
  • The 1% from modulation proposed by the Commission will not be sufficient for a reinsurance scheme, let alone setting up a system of prevention and indemnification.
  • The EU should therefore require the Member States to impose a duty on GMO corn seed and feed - a duty used to fund control and supervision, as well as indemnification for damage that arises from correct use.
  • Conversely, the guarantee granted by ETVA to HDW/Ferrostaal on 31 May 2002 provides that ETVA would pay indemnification to HDW/Ferrostaal amounting to 100 % of any aid recovered from HSY.
  • The acquirer shall derecognise the indemnification asset only when it collects the asset, sells it or otherwise loses the right to it.
  • In the case at hand an unlimited number of claims could be brought for indemnification so that these provisions cannot be regarded as identifying the exposure of the Czech Republic.

Alternatives:

  • protection
  • security
  • guarantee
  • coverage
  • compensation (in a legal context)

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