Forced indemnification: Difference between revisions
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'''Forced indemnification''' is a practice in which a business, such as a bank, refuses to take an action, such as transferring funds, unless and until their customer signs a document that includes an indemnification statement. Typically, an indemnification statement will broadly indemnify the business against, for example, any loss, claim, damage, liability, and expense (including legal costs and expenses) resulting from any claim against the business which in any way arises from the business acting pursuant to the direction of the customer. | '''Forced indemnification''' is a practice in which a business, such as a bank, refuses to take an action, such as transferring funds, unless and until their customer signs a document that includes an indemnification statement. Typically, an indemnification statement will broadly indemnify the business against, for example, any loss, claim, damage, liability, and expense (including legal costs and expenses) resulting from any claim against the business which in any way arises from the business acting pursuant to the direction of the customer. | ||