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Apr 12, 2020 · Right to recover damages paid in a suit [Section 125(1)]: When a third party lays down a claim against the indemnity holder, it is well established the duty to pay the latter arises for the indemnifier at the first place. The damages would definitely be the end result of the total liability that the indemnity holder had to carry.
Dec 25, 2019 · Rights of Indemnity-Holder | Overview Introduction Meaning of Indemnity Rights of Indemnity Holder Damages paid in suit Costs in such suit Amounts in the compromise Importance of Notice Conclusion Rights of the Indemnity Holder get invoked in the case when that person is being sued by the third party. The Indian Contract Act, 1872 provides for ...
The indemnity bearer is the benefit party in an indemnity agreement, and hence he holds the majority of the rights. An indemnity holder has the right to recover damages, expenditures spent in connection with action, and money paid under the complaint settlement. “Section 125 of the Indian Contract Act, 1872 ”, grants certain rights on the ...
Jun 28, 2016 · Marine Insurance, fire insurance, etc. also fall into the category of the contract of indemnity. Rights of Indemnity Holder. Section 125 of the Act governs the rights of the indemnity holder. The indemnity holder will have the right to recover any amount he was compelled to pay in a matter or a suit to which the promise of the indemnifier applies.
Jan 10, 2022 · Right to Recover Sums Paid Under Compromise [section 125(3) An indemnity-holder also has the right to recover from the indemnifier all sums which he may have paid under the terms of any compromise of any such suit, if the compromise was not contrary to the orders of the promisor, and was one which it would have been prudent for the promisee to make in the absence of any contract of indemnity, or if the promisor authorized him to compromise the suit.
Apr 8, 2023 · Indemnity rights are contractual rights that are granted to the indemnifier, who agrees to compensate the indemnified/indemnity holder for any losses or damages suffered by the indemnity holder due to certain events or actions. Indemnity rights arise from a contract, usually in the form of an indemnity clause, which outlines the scope and extent of the indemnifier’s obligations.
Duties of Indemnity Holder: Under Section 125 of the Indian Contract Act, 1872, rights and duties of indemnity holder are governed by the following rules which are: 1) Must not conceal a loss: The duty-bearer must not conceal a loss that may occur. This is done to avoid misleading information given by the duty-bearer towards the indemnification ...
