The practice exam 1 defines:
Indemnity clauses that are non-specific, poorly written, or not understood can lead to enormous amounts of unintended legal exposure.
In this case, I understand indemnity as a vague clause on responsibilities or resolutions if something goes wrong; an unclear system through which the practice is defined in the contract.
From a previous school course I remember the following question:
If the contractor fails to complete the work on time, the contractor may be charged a sum of money to reimburse the owner. This sum can be called: Indemnification
Those two descriptions seem quite different to me. Any additional thoughts would be appreciated. Thanks