124: “Contract of indemnity” defined
The Contract Act · Federal Acts · Chapter VIII · in_force
Discuss this provision with AI
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”. Illustration A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of 200 rupees. This is a contract of indemnity.
Related sections
76 to 123: [Repealed] Sale Of Goods125: Rights of indemnity-holder when sued75: Party rightfully rescinding contract entitled to compensation126: “Contract of guarantee”, “surety”, “principal debtor” and “creditor”74: Compensation for breach of contract where penalty stipulated for127: Consideration for guarantee
Version 1 · Source-traceable official reference. LawHub does not modify the official record.