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What is Indemnity vs. Guarantee in Contracts about?

This document discusses contracts of indemnity and guarantee under the Indian Contract Act of 1872. It defines a contract of indemnity as a contract where one party promises to save the other from any loss caused by the conduct of the promisor or another person. A contract of guarantee is where a party promises to perform or discharge the liability of a third person if they default. Key differences between the contracts are provided. For indemnity contracts, the promisee is entitled to recover damages,

Author

Uday Tomar

Language

EN