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Contract Of Indemnity And Rights Of Indemnity Holder
Contract Of Indemnity And Rights Of Indemnity Holder Introduction When we discuss the contract of indemnity at first we need to define it very clearly. The term "indemnity" literally means "security or protection against loss" or "compensation or restitution for loss." According to Indian law, a contract of indemnity only covers losses caused by the indemnifier or another person's actions; it does not cover losses caused by natural disasters. But according to English law, it is a guarantee made by one party to another to compensate for a loss incurred as a result of a specific incident known as the "trigger event." This definition of indemnity has nothing to do with the person who caused the event that gave rise to liability. People used to be much more confident in their commitments. In comparison to Indian law, the definition of indemnity in English law is slightly broader. Now the question is when the concept of contract of indemnity...
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