What is contract of indemnity ........

Indian Contract Act (ICA)1872 indemnity and guarantee

What is contract of indemnity?

A contract by which one party promises to save any third party from loss caused to that party by the contract of the promisor himself, or by the conduct of any other person

A contract by which one party promises to provide insurance to the other in order to cover up any losses that may arise in the contract

A contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself, or by the conduct of any other person

A contract in which one party appoints a guarantor to cover up any losses that may arise in the contract

छोटे Courses बड़े Results

Master indemnity and guarantee

Prepare through Micro-courses

Try Now

Explanation:

Section 124 of the Contract Act –
124. "Contract of indemnity" defined. A contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself, or by the conduct of any other person, is called a "contract of indemnity".