Contract Of Indemnity In Marathi
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How to fill out Sample Environmental Indemnity Agreement - Detailed?
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FAQ
Section 124. " Contract of indemnity" defined Previous Next. A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity.
The principle of indemnity is not applicable to life insurance because the insurer may pay any amount but the insured cannot be brought back to the same state. Also, the loss of a life is not measurable and no money can indemnify the loss of a life.
Legal Status A ?contract of indemnity? is defined in Section 124 of the Contract Act as ?A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a ?contract of indemnity?.
For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.
Life insurance is not a part of the indemnity contract. Because the insurer does not promise to indemnify the insured for any loss on maturity or death. Instead, the insurer agrees to pay a sum assured in that case.