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  • 124.cont Ractofi Ndemni T Ydefi Ned: 126.cont Ractofguarant Ee, Suret Y, PR I Nci Paldebt Orandcr Edi T or

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    Nishant Kumar
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    This document defines and provides an example of a contract of indemnity. A contract of indemnity is where one party promises to save the other from any loss caused by the promisor or another person. The example given is of a contract to indemnify B against any proceedings that C may take against B for a certain sum of 200 rupees. The document also outlines the rights of an indemnity holder when sued. If acting within the scope of authority, the promissee in a contract of indemnity is entitled to recover from the promisor any damages they are compelled to pay in a suit related to the matter covered by the indemnity, as well as costs from

    Original Description:

    Contract

    Original Title

    124. Contract

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    This document defines and provides an example of a contract of indemnity. A contract of indemnity is where one party promises to save the other from any loss caused by the promisor or another person. The example given is of a contract to indemnify B against any proceedings that C may take against B for a certain sum of 200 rupees. The document also outlines the rights of an indemnity holder when sued. If acting within the scope of authority, the promissee in a contract of indemnity is entitled to recover from the promisor any damages they are compelled to pay in a suit related to the matter covered by the indemnity, as well as costs from

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    25 views2 pages

    124.cont Ractofi Ndemni T Ydefi Ned: 126.cont Ractofguarant Ee, Suret Y, PR I Nci Paldebt Orandcr Edi T or

    Uploaded by

    Nishant Kumar
    This document defines and provides an example of a contract of indemnity. A contract of indemnity is where one party promises to save the other from any loss caused by the promisor or another person. The example given is of a contract to indemnify B against any proceedings that C may take against B for a certain sum of 200 rupees. The document also outlines the rights of an indemnity holder when sued. If acting within the scope of authority, the promissee in a contract of indemnity is entitled to recover from the promisor any damages they are compelled to pay in a suit related to the matter covered by the indemnity, as well as costs from

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    124.

    Cont
    ractofi
    ndemni
    tydef
    ined

    Acont
    ractbywhi
    chonepar
    typr
    omi
    sest
    osav
    etheot
    herf
    rom l
    osscausedt
    ohi
    m byt
    he
    cont
    ractoft
    hepr
    omi
    sorhi
    msel
    f,orbyt
    heconductofanyot
    herper
    son,i
    scal
    l
    edacont
    ractof
    i
    ndemni
    ty.

    I
    ll
    ust
    rat
    ion

    Acont
    ract
    stoi
    ndemni
    fyBagai
    nstt
    heconsequencesofanypr
    oceedi
    ngswhi
    chCmayt
    ake
    agai
    nstBi
    nrespectofacer
    tai
    nsum of200r
    upees.Thi
    sisacont
    ractofi
    ndemni
    ty.

    125.Ri
    ghtofi
    ndemni
    ty-
    hol
    derwhensued-

    Thepr
    omi
    seei
    nacont
    ractofi
    ndemni
    ty,act
    ingwi
    thi
    nthescopeofhi
    saut
    hor
    it
    y,i
    s
    ent
    it
    ledt
    orecov
    erf
    rom t
    hepr
    omi
    sor
    -

    (
    1)al
    ldamageswhi
    chhemaybecompel
    l
    edt
    opayi
    nanysui
    tinr
    espectofanymat
    ter
    t
    owhi
    cht
    hepr
    omi
    set
    oindemni
    fyappl
    i
    es;

    (
    2)al
    lcost
    swhi
    chhemaybecompel
    l
    edt
    opayi
    nanysuchsui
    t,i
    finbr
    ingi
    ngof
    def
    endi
    ngi
    t,hedi
    dnotcont
    rav
    enet
    heor
    der
    soft
    hepr
    omi
    sor
    ,andact
    edasi
    twoul
    d
    hav
    ebeenpr
    udentf
    orhi
    mtoacti
    ntheabsenceofanycont
    ractofi
    ndemni
    ty,ori
    fthe
    pr
    omi
    soraut
    hor
    isedhi
    mtobr
    ingordef
    endt
    hesui
    t;

    (
    3)al
    lsumswhi
    chhemayhav
    epai
    dundert
    het
    ermsofanycompr
    omi
    seofanysuch
    sui
    t,i
    fthecompr
    omi
    sehesui
    t.

    126.Cont
    ractofguar
    ant
    ee,
    sur
    ety
    ,pr
    inci
    paldebt
    orandcr
    edi
    tor-

    Acont
    ractofguar
    ant
    eei
    sacont
    ractt
    oper
    for
    mthepr
    omi
    se,ordi
    schar
    get
    hel
    i
    abi
    l
    ity
    ,
    ofat
    hir
    dper
    soni
    ncaseofhi
    sdef
    aul
    t.Theper
    sonwhogi
    vest
    heguar
    ant
    eei
    scal
    l
    edt
    he
    sur
    ety
    ,theper
    soni
    nrespectofwhosedef
    aul
    ttheguar
    ant
    eei
    sgi
    veni
    scal
    l
    edt
    he
    pr
    inci
    paldebt
    or,
    andt
    heper
    sont
    owhom t
    heguar
    ant
    eei
    sgi
    veni
    scal
    l
    edt
    hecr
    edi
    tor
    .A
    guar
    ant
    eemaybeei
    theror
    alorwr
    it
    ten.

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