Illinois Compiled Statutes 745 ILCS 10/7-102 – As part of any agreement under this Article, the local public …
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Terms Used In Illinois Compiled Statutes 745 ILCS 10/7-102
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
As part of any agreement under this Article, the local public entities may provide for contribution or indemnification by any or all of the local public entities that are parties to the agreement upon any liability arising out of the performance of the agreement.