PPT - Law of Indemnity and Guarantee B Com Notes | EduRev

Business Law

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B Com : PPT - Law of Indemnity and Guarantee B Com Notes | EduRev

 Page 2


Introductory 
Introductory 
Notes on
Notes on
Indemnity and 
Indemnity and 
Guarantee 
Guarantee 
Contract
Contract
under
under
Indian Contract 
Indian Contract 
Act, 1872
Act, 1872
Page 3


Introductory 
Introductory 
Notes on
Notes on
Indemnity and 
Indemnity and 
Guarantee 
Guarantee 
Contract
Contract
under
under
Indian Contract 
Indian Contract 
Act, 1872
Act, 1872
Contract of Indemnity
Contract of Indemnity
Page 4


Introductory 
Introductory 
Notes on
Notes on
Indemnity and 
Indemnity and 
Guarantee 
Guarantee 
Contract
Contract
under
under
Indian Contract 
Indian Contract 
Act, 1872
Act, 1872
Contract of Indemnity
Contract of Indemnity
Contract of Indemnity (Section 
124)
A Contract by which one party 
promises to  another to save him 
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 
Page 5


Introductory 
Introductory 
Notes on
Notes on
Indemnity and 
Indemnity and 
Guarantee 
Guarantee 
Contract
Contract
under
under
Indian Contract 
Indian Contract 
Act, 1872
Act, 1872
Contract of Indemnity
Contract of Indemnity
Contract of Indemnity (Section 
124)
A Contract by which one party 
promises to  another to save him 
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 
Parties to the Contract of 
Indemnity 
?
The person who promises to protect 
another: INDEMNIFIER
?
The person who is so protected is: 
INDEMNITY-HOLDER/INDEMNIFIED 
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