Learn the meaning, legal definition, and real-life applications of indemnity in business, insurance, and contracts In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "guarantee" is an obligation of one party (the guarantor) to another party to perform the promise of a relevant other party if that other ... This article is written by Sneha Mahawar and Monesh Mehndiratta, a law student at Graphic Era Hill University, Dehradun. It deals with the concept of the contract of indemnity and insurance under contract law and Amber Raaj. It further explains the rights and liabilities of the indemnity holder and indemnifier, along with the essentials of the contract of indemnity . Moreover, it examines the objectives, nature, parties, key differences with insurance, and landmark judgments of the contract ... Indemnity is a special kind of contract by which one party undertakes to save the other party from losses caused due to its actions or actions of a third party. The former party is called indemnifier ۪ while the party enjoying the protection is called indemnified ۪. This article seeks to analyze the concept and scope of indemnity in Indian legislation and the factors which may be considered by parties while undertaking indemnity related obligations.
