Basket

Legal Definition: Indemnifying Party shall not be liable to the Indemnified Party under Section x.x(i) until the aggregate amount of all Damages in respect of indemnification under Section x.x(i) exceeds Fifty Thousand Dollars ($50,000) (the “Basket”), in which event Indemnifying Party shall be liable for Damages in excess of the Basket.

Plain English Definition: The Basket sets the minimum amount of damages that must be reached by one party in order for it to bring an indemnification claim.