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Feb 1, 2023 · It deals with the concept of the contract of indemnity and insurance under contract law and Amber Raaj. It further explains the rights and liabilities of the indemnity holder and indemnifier, along with the essentials of the contract of indemnity.
Sep 11, 2024 · In a contract of indemnity, one party promises to save the other party from loss caused due to firstly, by the misconduct of the promisor himself and secondly, by the misconduct of any other person to the contract.
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.
In law, Contract of indemnity can be defined as a legal contract between two persons whereby one party commits to indemnify, i.e. to compensate or reimburse, the loss incurred to the other party, by the conduct of the party, who is making the promise or by the conduct of the third party.
An indemnity agreement is a contractual promise by one party, known as the indemnifier, to compensate the other, the indemnitee, for certain losses or damages. This kind of agreement is commonly encountered in business deals where there is a potential for unexpected losses.
Contractor shall indemnify and hold harmless the State, its officers and employees, against liability, claims, damages, losses or expenses arising out of bodily injury to persons or damage to properties caused by, or resulting from Contractor’s, and/or its employees, own negligent act or omission while Contractor, and/or its employees, perform o...
For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B’s losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity. A contract of insurance is very similar to indemnity contracts.
Contract of Indemnity means “to save against loss” or in other words, it is a special type of contract wherein security or protection against the loss is reserved so as to indemnify or compensate. Special contracts are contained in Section 124 to Section 238 of the Indian Contract Act,1872.
May 4, 2020 · This article explores what is the contract of indemnity in Indian Contract Act, the principles of indemnity, the scope, and the difference between contract of indemnity and guarantee. Additionally, we will discuss relevant case laws and the latest judicial interpretations.
Oct 25, 2023 · Section 124 of the Indian Contract Act, 1872 defines a contract of indemnity as a contract wherein 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. The Indemnifier: The promisor, who agrees to make up the damage caused to the other group.
