Transcription of CONTRACT - ii - RLC
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CONTRACT - ii - RLC
CONTRACT - ii UNIT 1. Meaning of Indemnity INDEMNITY. The term 'indemnity'. means to make good the The CONTRACT of Indemnity and CONTRACT of Guarantee are loss or to compensate the party who has sufferedspecific types of CONTRACT . The specific provisions relating to some loss. these contracts are contained in Sections124 to 147 of the Indian CONTRACT Act, 1872. In addition to these specific provisions, the general principles of contracts are also applicable to such specific contracts. CONTRACT OF INDEMNITY [Section 124]. 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". Example A contracts to indemnify B against the consequences of any proceedings which C.
The Indian Contract Act, 1872 is silent on the time of commencement of liability of indemnifier. On the basis of judicial pronouncement of courts, it can be said that the liability of an indemnifier commences as soon as the liability of the indemnity holder becomes absolute and certain. In other
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