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What is Indemnity and Guarantee in Contract Law about?
This document outlines the key aspects of a contract of indemnity and guarantee under Indian law. It defines indemnity as either an expressed or implied promise to compensate another for loss. The main parties to a contract of indemnity are the indemnifier and indemnity holder. Motor, marine, and fire insurance are generally considered contracts of indemnity, except for life insurance. A guarantee must contain the essential elements of a valid contract. The liability of the surety is secondary to the princi
- Author
- bijuprasad
- Language
- EN