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Consider the following statements regarding Indemnity.
1. Once the government of India grants indemnity to the vaccine manufacturer, and if that vaccine is perceived to have caused death or any lasting damage to a recipient, then any claim of compensation arising from it will have to be met by the vaccine manufacturer.
2. The law on drugs in India does not have the provision for indemnity related to the grant of approval for any new drug or vaccine in the country.
Which of the above statements is/are correct?
  • a)
    1 only 
  • b)
    2 only 
  • c)
    Both 1 and 2 
  • d)
    Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Consider the following statements regarding Indemnity.1. Once the gove...
Indemnity is a form of contract. The law on drugs in India does not have a provision for indemnity related to the grant of approval for any new drug or vaccine in the country. If at all any indemnity is to be granted to any company for a particular drug or vaccine, it can only be in the form of an indemnity bond executed on behalf of the government of India, or a clause or set of clauses in any contract that the government may sign with the supplier.
Section 124 of the Indian Contract Act, 1872, defines a contract of indemnity as one by which one party promises to save the other from any loss caused to the latter. Once the government of India grants such indemnity to the vaccine manufacturer or importer, it would mean that if a particular vaccine is perceived to have caused death or any lasting damage to a recipient, any claim of compensation arising from it will have to be met by the government, and not by the company. In the event of a court ordering payment, the company will be in a position to recover the amount from the government.
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Consider the following statements regarding Indemnity.1. Once the government of India grants indemnity to the vaccine manufacturer, and if that vaccine is perceived to have caused death or any lasting damage to a recipient, then any claim of compensation arising from it will have to be met by the vaccine manufacturer.2. The law on drugs in India does not have the provision for indemnity related to the grant of approval for any new drug or vaccine in the country.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Indemnity.1. Once the government of India grants indemnity to the vaccine manufacturer, and if that vaccine is perceived to have caused death or any lasting damage to a recipient, then any claim of compensation arising from it will have to be met by the vaccine manufacturer.2. The law on drugs in India does not have the provision for indemnity related to the grant of approval for any new drug or vaccine in the country.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding Indemnity.1. Once the government of India grants indemnity to the vaccine manufacturer, and if that vaccine is perceived to have caused death or any lasting damage to a recipient, then any claim of compensation arising from it will have to be met by the vaccine manufacturer.2. The law on drugs in India does not have the provision for indemnity related to the grant of approval for any new drug or vaccine in the country.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Indemnity.1. Once the government of India grants indemnity to the vaccine manufacturer, and if that vaccine is perceived to have caused death or any lasting damage to a recipient, then any claim of compensation arising from it will have to be met by the vaccine manufacturer.2. The law on drugs in India does not have the provision for indemnity related to the grant of approval for any new drug or vaccine in the country.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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