Contract of Indemnity: Definition, Essentials & Case Laws (Indian Contract Act, 1872)
What is a Contract of Indemnity? A Contract of Indemnity is a legal agreement where one party (the indemnifier) promises to compensate another party (the indemnity holder) for losses caused by: Ex: A car owner (indemnifier) agrees to cover repair costs if their friend (indemnity holder) damages the vehicle in an accident. Legal Definition Under Indian Contract Act Section…