Some variations in the meaning of the concept of compensation are common in agreements between a person and a company (e.g. B an agreement on obtaining motor insurance). However, it can also apply more broadly to relations between companies and governments or between governments of two or more countries. Many high-risk activities, such as skydiving or heliskiing, require individuals to sign a compensation agreement before they can participate. This protects the company or company from no liability in the event of an accident. In 1979, the Minnesota Supreme Court ruled that a subcontractor must compensate the contractor it caused, pursuant to a indemnification clause in its order.  Real estate leases also contain indemnification clauses. .
(Last Updated On: September 22, 2021)