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What Is Contract of Indemnity in Hindi

Thus, the indemnification agreement is a special contract in which one party (i.e. the person entitled to compensation) promises to protect the other (i.e. the compensated person) against losses suffered by it by the conduct of the promise itself or by the conduct of another person. Sections 124 and 125 of the Indian Contracts Act, 1872 apply to these types of contracts. In contract law, indemnification is a contractual obligation of one party (compensation) to compensate for the damage suffered by the other party as a result of the actions of the beneficiary of the compensation or another party. The indemnification obligation is usually, but not always, consistent with the contractual obligation to „compensate” or „safeguard”. On the other hand, a „guarantee” is an obligation of one party to assure the other party that the guarantor will keep the promise of the third party in the event of default. Under section 125 of the Indian Contracts Act, 1872, the promisor,the indemnity recipient/indemnitee holder has the following rights against the donor/recipient of the indemnity if he has acted within the limits of his powers. This is a clearing contract. Warranty Contract Guarantee Right (in Hindi) Indian Contract Law: Essential Contractual Elements (in Hindi) Indemnity Contract and Difference in Warranty (in Hindi) The Promisor or Holder of the Indemnification or Indemnity: He is the person whose loss is covered or who is compensated. The purpose of entering into a compensation contract is to protect the promisor from unforeseen losses. 124.

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