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Jan 15, 2022 · There are two parties in a contract of indemnity, namely the indemnifier and the indemnity holder. There are three parties in a contract of guarantee, namely the principal debtor, the creditor, and the surety. No. of contracts. It consists of only one contract between the indemnifier and the indemnity holder.
According to Section 124 of the Indian Contract Act, 1872: A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity.
Oct 25, 2023 · There are two parties in a contract of indemnity, namely the indemnifier and the indemnity holder. There are three parties in a contract of guarantee, namely the principal debtor, the creditor, and the surety. It consists of only one contract between the indemnifier and the indemnity holder.
“Contract of Indemnity” defined (Section 124) : A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a “contract of indemnity.” There are two parties in this form of contract.
Sep 30, 2024 · Contracts of indemnity and guarantee are special agreements covered by the Indian Contract Act of 1872. In a contract of indemnity, one person promises to compensate another for losses. In a contract of guarantee, three people are involved: a third person steps in to pay the debt if the debtor fails.
May 3, 2023 · Contracts of indemnity and guarantee are two legal concepts that provide protection against loss. While they share some similarities, there are important distinctions between the two. Contents hide. 1. Indemnity. 2. Guarantee. 3. How to Identify a Contract of Indemnity or Guarantee. 3.1. Parties. 3.2. No. of Contracts. 3.3. Nature of Liability.
Feb 14, 2015 · In a contract of indemnity, there is a single promise or contract; a promise to pay if there is a loss. In a contract of guarantee, by contrast, there are multiple promises, including the original promise to pay or perform and the guarantor’s promise to pay or perform in the event of default.
