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Indian Contracts Act 1872
CONTRACT OF INDEMNITY Section 124
#Meaning of Indemnity
To compensate for the loss.
Security or protection against a loss or other financial burden.
Compensation for the damages or loss.
The concept of indemnity is based on a contractual agreement made between two parties , in which one party agrees to pay for losses or damages caused by the other party.
#SECTION-124 : A contract by which one party promises to save the other party from the 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”
Indian contracts Act , SECTION-124
ప్రకారము“Contract of Indemnity అంటే ఓక contract చేసుకోవడం, ఓక ప్రోమిసోర్ ప్రామిస్ చేస్తారు వేరే పర్సన్ కి ఎ విధమైన నష్టం నవల లేదా వేరే వల జరిగిన బాధ్యత తీసుకుంటను అని
Indemnifier is a promisor.
Indemnity holder is a promisee.
Example : There is a contract of general insurance between Insurance company and Insurance policy holder.
Insurance company (Indemnifier) compensates for the for general losses caused to the Insurance policy holder (Indemnity holder)
CONTRACT OF INDEMNITY: Example:
Karan asks the hotel owner to supply whatever Rohit wants. He also makes a statement that I will see that you will be paid.
In case Rohit fails to pay , Karan must pay the amount to the Hotel owner.
Here Karan is the Indemnifier and
Hotel owner is the Indemnity Holder or Indemnified.
TWO TYPES OF CONTRACT OF INDEMNITY:
1. Express
2. Implied .
Indemnity bond is an Express contract.
Contract of Agency is an Implied contract.
Example : The Principal and Agent, As the principal will compensate for the loss caused to the agent.
#Section-125 : RIGHTS OF INDEMNITY HOLDER:
The rights of the indemnity holder are classified into 3 as
1. DAMAGES,
2. COSTS AND
3. SUM
Against the indemnifier
#DAMAGES : if a case is filed on the indemnity holder then he will recover that money from the indemnifier.
INDEMNITY INSURANCE newly came in COMPANIES ACT , please refer Section 197 & 198.
If there is any director’s wrong conduct in discharging the liability of the company then the insurance company will pay for that BUT if it is the wrong conduct of the director then the money will be deducted from his salary .
#DAMAGES:Example :
There is a telecom company ( as indemnity holder) and insurance company ( as indemnifier) if any case filed against this telecom company then the insurance company will compensate for it.
In Public Liability Insurance Act , insurance company will insure the companies which are in Hazardous substance/ hazardous nature.
#COST:Example :
If the indemnity holder has to pay money for any court case or if he filed a case to defend himself then the indemnifier will pay for it.
Damages + costs.
#SUM:Example :
Principal and agent , agent is the indemnity holder and principal is the indemnifier.
Principal pays to the third party as losses caused by the compromise of the agent.
Damages + costs+ Sum.
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29 авг 2024
