‘Indemnity’ and ‘liquidated damages’ are frequently used by parties in commercial contracts as means to manage contractual risks. The two concepts may generally sound more familiar to the legal fraternity in the common law world, since they are not recognised in certain civil law jurisdictions. By Managing Director & CEO – Singapore Vivek Kathpalia, Director Dipti Bedi, Principal Associate Pragati Sharma and Senior Associate Abhilasha Malpani. (Photo Credit: Asian Business Law Institute)