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Feb 1, 2023 · Indemnity is a subset of compensation, and a contract of indemnity is a type of contract. The obligation to indemnify is a responsibility that the indemnifier willingly and voluntarily accepts. In most cases, an insurance contract is not considered an indemnity contract in India.
Jan 26, 2021 · Section 124 of the Indian Contract Act defines Contract of Indemnity as ‘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.
1 day ago · Indemnity Clause Meaning. The indemnity clause meaning is straightforward: it provides financial protection to one party by shifting the liability to another. This clause is commonly used in contracts to cover potential damages or legal consequences that may arise during the term of an agreement.
Dec 3, 2021 · Contract of Indemnity is defined by section 124 of the Indian Contract Act of 1872 as a contract in which one party guarantees to save the opposing party’s property from loss caused by the sponsor’s or the other person’s actions.
Oct 25, 2023 · The contract of indemnity is the contract where one person compensates for the loss of the other. Contract of guarantee is a contract between three people where the third person intervenes to pay the debt if the debtor is at default in paying back.
A contract of indemnity basically involves one party promising the other party to make good its losses. These losses may arise either due to the conduct of the other party or that of somebody else. To indemnify something basically means to make good a loss.
Sep 11, 2024 · The contract of indemnity consists of two parties the one party who promises to compensate the other party for the loss incurred is known as indemnifier and the other party who is indemnified or has sustained the loss is called indemnity holder.
Sep 30, 2024 · 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. Both types of contracts help protect creditors when a third party does not fulfil its obligations.
Apr 4, 2024 · Section 124 of the Indian Contract Act 1872 contains the definition of a contract of indemnity which states, "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 a contract of indemnity.”.
Jun 23, 2024 · This section outlines the parameters within which indemnity contracts operate in India, including the scope, validity, and interpretation of such agreements. Various legal precedents and cases further elucidate the application and nuances of indemnity under Indian contract law.
