• Indemnifer Promisor

• Indemnity Holder Promisee

 Contingent Contract

• Protection against anticipated loss

Example: Car Insurance
A Insurance Company
• Two parties
• Must be a loss
• Lawful object
• Expressed or Implied Contract
• Non exhaustive Section
• Essentials of valid contract
• All damages that the Indemnity holder was compelled to pay
• Pay in defending or bringing the suit
• In compromise of such suit
 Condition
• Acted contrary
• Not acted as a prudent man
• Indemnifier's authorization
 Gopal
Purshottam

Osman Maliram
• Contract of Suretyship
• Principal Debtor Primary Liability
• Creditor
• Guarantor or Surety Secondary Liability

Example : Gold Loan

A- Principal Debtor
B- Creditor
C- Surety
• There must be three parties
• Number of Contract
• There must be a Consideration
• Type of liability
• Surety's Promise
• Condition of Contract
a. Retrospective
b. Prospective

a. Specific
b. Continuing
• Revocation

• Conduct of Creditor

• Invalidation of Contract
• Co-extensive with Principal Debtors
 Rights of Surety
Subrogation
• Against Principal Debtors
Indemnity

Securities
• Against Creditors
Claim set off

Equal Contribution
• Against Co-sureties Liability in different amount
After release contribution
 • Head Points

• Definition

• Number of Parties

• Liability

• Contingency

• Object

• Right to sue