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Llb sc u 1.1 indemnity contract

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Llb sc u 1.1 indemnity contract

  1. 1. ContraCt of IndemnIty Course: LLB II Subject : Special Contracts Unit: I
  2. 2. Contract of indemnity • According to section 124 of the Indian contract act 1872, • 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 is called a contract of indemnity
  3. 3. Contract of indemnity • A contract of insurance is an example of a contract of indemnity . • In consideration of a premium the insurer promises to make good the loss suffered by the assured on account of the destruction by fire of his property insured against fire.
  4. 4. Parties to contract of indemnity • The person who promises or makes good the loss is called the indemnifier (promisor) and • the person whose loss is to be made good is called the indemnified or indemnity holder (promisee)
  5. 5. Contract of indemnity • However the contract of life insurance does not come under the category of contract of indemnity. This is because the life of a person cannot be valued and replaced
  6. 6. Rights of indemnity holder • The promisee in a contract of indemnity is entitled to recover from the promisor • All damages within the scope of the terms of the indemnity • All costs which he may be compelled to pay in any such suit if, in bringing or defending it • All sums to be paid under the terms of any compromise of any such suit
  7. 7. ESSENTIAL FEATURES OF INDEMNITY  There are two persons , the indemnifier the indemnified or the indemnity holder  There must be loss either by the promisor’s conduct or by any other person’s conduct  It is a contingent contract by nature  It may be express or implied Sec125 deals with the commencement of the indemnifier’s liability. His liability commences when the event causing the loss occurs or when the event saving the indemnified from the loss becomes impossible
  8. 8. essentials • Essentials • (i) Contract of indemnity must contain all the essentials of a valid contract. • (ii) The promisee or the indemnity-holder must have suffered a loss.
  9. 9. Rights • Rights of indemnity-holder: (Sec. 125) • 1. Damages • 2. Costs • 3. All sums • 4. Suit for specific performance
  10. 10. References • Avtar Singh : Contract Act, Eastern • Beatson : Anson's Law of Contract, Oxford
  11. 11. Thank You