Essential Contract Terms Indemnification: Agreement to compensate someone for losses or damages. "Party A indemnifies Party B" means A will cover B's losses. Force Majeure: Unforeseeable circumstances preventing contract performance (natural disasters, war, pandemics). Excuses performance without liability. Liquidated Damages: Pre-agreed amount owed if contract is breached, instead of calculating actual damages later. Severability: If one contract provision is invalid, the rest remains enforceable. Assignment: Transferring contract rights/obligations to another party. Warranty: Promise or guarantee about quality, condition, or performance.