[dalke]

"finally settled" appears to be a legal phrase. I'll quote from https://www.lawinsider.com/dictionary/finally-settled :

> finally settled means that all parties to the litigation shall have entered into a settlement agreement, that all relevant courts shall have approved the settlement, and that the terms of the settlement shall no longer be subject to appeal, or that such litigation shall have been dismissed with prejudice by a court of competent jurisdiction and such dismissal shall not be subject to appeal.

[gralx]

Right! Didn't think to look it up as a term of art.

That means the missing information is temporal: the subsitution in point III narrows indemnity to only those claims which satisfy finally settled at the moment the contract binds.