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124.cont Ractofi Ndemni T Ydefi Ned: 126.cont Ractofguarant Ee, Suret Y, PR I Nci Paldebt Orandcr Edi T or

This document defines and provides an example of a contract of indemnity. A contract of indemnity is where one party promises to save the other from any loss caused by the promisor or another person. The example given is of a contract to indemnify B against any proceedings that C may take against B for a certain sum of 200 rupees. The document also outlines the rights of an indemnity holder when sued. If acting within the scope of authority, the promissee in a contract of indemnity is entitled to recover from the promisor any damages they are compelled to pay in a suit related to the matter covered by the indemnity, as well as costs from

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Nishant Kumar
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594 views2 pages

124.cont Ractofi Ndemni T Ydefi Ned: 126.cont Ractofguarant Ee, Suret Y, PR I Nci Paldebt Orandcr Edi T or

This document defines and provides an example of a contract of indemnity. A contract of indemnity is where one party promises to save the other from any loss caused by the promisor or another person. The example given is of a contract to indemnify B against any proceedings that C may take against B for a certain sum of 200 rupees. The document also outlines the rights of an indemnity holder when sued. If acting within the scope of authority, the promissee in a contract of indemnity is entitled to recover from the promisor any damages they are compelled to pay in a suit related to the matter covered by the indemnity, as well as costs from

Uploaded by

Nishant Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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124.

Cont
ractofi
ndemni
tydef
ined

Acont
ractbywhi
chonepar
typr
omi
sest
osav
etheot
herf
rom l
osscausedt
ohi
m byt
he
cont
ractoft
hepr
omi
sorhi
msel
f,orbyt
heconductofanyot
herper
son,i
scal
l
edacont
ractof
i
ndemni
ty.

I
ll
ust
rat
ion

Acont
ract
stoi
ndemni
fyBagai
nstt
heconsequencesofanypr
oceedi
ngswhi
chCmayt
ake
agai
nstBi
nrespectofacer
tai
nsum of200r
upees.Thi
sisacont
ractofi
ndemni
ty.

125.Ri
ghtofi
ndemni
ty-
hol
derwhensued-

Thepr
omi
seei
nacont
ractofi
ndemni
ty,act
ingwi
thi
nthescopeofhi
saut
hor
it
y,i
s
ent
it
ledt
orecov
erf
rom t
hepr
omi
sor
-

(
1)al
ldamageswhi
chhemaybecompel
l
edt
opayi
nanysui
tinr
espectofanymat
ter
t
owhi
cht
hepr
omi
set
oindemni
fyappl
i
es;

(
2)al
lcost
swhi
chhemaybecompel
l
edt
opayi
nanysuchsui
t,i
finbr
ingi
ngof
def
endi
ngi
t,hedi
dnotcont
rav
enet
heor
der
soft
hepr
omi
sor
,andact
edasi
twoul
d
hav
ebeenpr
udentf
orhi
mtoacti
ntheabsenceofanycont
ractofi
ndemni
ty,ori
fthe
pr
omi
soraut
hor
isedhi
mtobr
ingordef
endt
hesui
t;

(
3)al
lsumswhi
chhemayhav
epai
dundert
het
ermsofanycompr
omi
seofanysuch
sui
t,i
fthecompr
omi
sehesui
t.

126.Cont
ractofguar
ant
ee,
sur
ety
,pr
inci
paldebt
orandcr
edi
tor-

Acont
ractofguar
ant
eei
sacont
ractt
oper
for
mthepr
omi
se,ordi
schar
get
hel
i
abi
l
ity
,
ofat
hir
dper
soni
ncaseofhi
sdef
aul
t.Theper
sonwhogi
vest
heguar
ant
eei
scal
l
edt
he
sur
ety
,theper
soni
nrespectofwhosedef
aul
ttheguar
ant
eei
sgi
veni
scal
l
edt
he
pr
inci
paldebt
or,
andt
heper
sont
owhom t
heguar
ant
eei
sgi
veni
scal
l
edt
hecr
edi
tor
.A
guar
ant
eemaybeei
theror
alorwr
it
ten.

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