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CONTRACT OF INDEMNITY
What is a contract of indemnity as defined under the Indian Contract Act, 1872?
A contract of indemnity is a contract by which one party promises to save the other from loss caused by the promisor's own conduct or by the conduct of any other person, as defined under Section 124 of the Indian Contract Act, 1872.
What is the primary purpose of a contract of indemnity in commercial transactions?
To protect a party against loss or damage caused by another
Who are the parties to a contract of indemnity?
The two parties are the indemnifier (the person who promises to indemnify) and the indemnity holder or indemnified (the person who is protected from loss).
Under which section of the Indian Contract Act is contract of indemnity defined?
Section 124 of the Indian Contract Act, 1872
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