Terms Used In South Carolina Code > Title 15 > Chapter 81 - Successor Asbestos-Related Liability Fairness Act

• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• 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}