LIVE Online Course on NDPS by Riva Pocha and Adv. Taraq Sayed. Starting from 24th May. Register Now!!
LAW Courses

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Neha singh   25 July 2020

indemnity

the concept of indemnity is available against person or people.


Learning

 1 Replies

Nihal Thareja   29 July 2020

Hello,

As per 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".

It is a promise to compensate for or security against damage, loss or injury

To answer if there can be multiple indemnifiers or not, it all depends on who all are parties to the contract or even if not a party to a contract, the cause of action directly arises from the doings of a third party.

For e.g., if X contracts to repay or indemnify Y against the outcome of any proceedings which Z may take against Y in respect of a particular action. If Z does start legal proceedings against Y and as a result of outcome Y had to pay some damages to Z; X will be responsible for reimbursing the damages that Y had incurred in the case.

Hope I was able to solve your query
Regards
Nihal


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Post a Suggestion for LCI Team
Post a Legal Query