Webindemnity an undertaking by one person to make good losses suffered by another. Frequently confused with guarantee, an indemnity is a primary obligation that is enforceable irrespective of whether the beneficiary could sue the person responsible for causing the loss. On the other hand, a guarantee is a secondary obligation to pay a …

Webindemnity: [noun] security against hurt, loss, or damage. exemption from incurred penalties or liabilities.

Web12/04/2022 · Indemnity is compensation for damages or loss, and in the legal sense, it may also refer to an exemption from liability for damages. The concept of indemnity is based on a contractual agreement ...

Web10/12/2022 · The word indemnity means security or protection against a financial liability. It typically occurs in the form of a contractual agreement made between parties in which one party agrees to pay for losses or damages suffered by the other party. In corporate law, an indemnity agreement serves to hold Board Directors and company executives free ...

WebIndemnity means making compensation payments to one party by the other for the loss occurred. Description: Indemnity is based on a mutual contract between two parties (one insured and the other insurer) where one promises the other to compensate for the loss against payment of premiums. Also See: Return, Annuity, Insurable Interest, Insurability

Web21/03/2022 · Therefore, the legal definition of indemnity applies to various varying scenarios. The only difference is perhaps the application and interpretation on a case basis. Conditions for Indemnity Certain conditions must be met for indemnity to be valid legally. The following are the conditions that often show that a contract of indemnity is valid. …

Web25/09/2022 · Section 124 of the Indian Contract Act, 1872 defines a Contract of Indemnity 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. The objective of such a contract is to protect the promise against unanticipated losses.

Webindemnity definition: 1. protection against possible damage or loss, especially a promise of payment, or the money paid…. Learn more.

WebDifferences between Indemnity and Guarantee. There are some important differences between the contracts of indemnity and guarantee. Firstly, there are just two parties in indemnity, while there are three in contracts of guarantee. Secondly, in a guarantee, there is an existing debt/duty which the surety guarantees to discharge. On the other hand, …

WebDefinition: Indemnity is compensation given to a third party for damages or losses suffered. It is a payment that reimburses for monetary or physical losses experienced. What Does Indemnity Mean? The term indemnity is most commonly used in insurance environments. It refers to the fulfillment of the obligation taken by the insurance company …