Each party("indemnitor")shall defend,indemnify and hold harmless the other party and its affiliates("collectively"indemnitees")against any delays,demurrage,costs,expenses(including reasonable attorney's fees),losses,damages,claims,liabilities,fines and penalties(excluding consequential,indirect or incidental damages and lost profits) (collectively"costs")incurred by indemnitees as a result of indemnitor's breach of the foregoing warranties,representations and agreements.