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🔴 What is Indemnity? (Indian Contract Act 1872) 🗣️ Indemnity is a contractual obligation where one party (the indemnifier) promises to secure against potential loss or damage incurred by another party (the indemnified party). This essentially means that the indemnifier is promising to compensate the indemnified party for any loss or damage that they may suffer. 🗣️ Indemnity is a form of insurance compensation for losses and damages. In legal terms, it refers to exemption from liability for damages. Concept of indemnity is on the basis of a contractual agreement formed between two parties, where one party agrees to pay for the potential damages caused by the other party. 🗣️ A common example of indemnity is an insurance contract in which insurer agrees to compensate the insured person for any damages or losses incurred, in return for premiums paid by the insured party. 🔴 What is Guarantee? (Indian Contract Act 1872) 🗣️ A guarantee, on the other hand, is a legal promise made by a third party (the guarantor) to cover a debt or obligation of another party (the principal debtor) in the event that the debtor fails to fulfill their obligation. This means that if the debtor cannot pay their debt, the guarantor will step in and cover the debt on their behalf. 🗣️ As explained, a guarantee is basically the promise made by a third party that they will cover a person or a company’s debt should that person or company be unable to continue to do so themselves. There are several types of guarantees in business law, including bank guarantees, bid bonds, warranty bonds, and more. ======================================== 🔴 This video might be useful for students preparing for - 🗣️ 11th Commerce #11thcommerce 🗣️ 12th commerce boards #12thcommerce 🗣️ CSEET(CS FOUNDATION ICSI) #cseet 🗣️ CA Foundation #cafoundation 🗣️ UGC NET COMMERCE #ugcnetcommerce 🗣️ LLB #llb 🗣️ UGC NET LAW #ugcnetlaw ======================================== 🔴 In this video - #padhakulog Teacher's Name - CS Payal Popli Topic - Contract of Indemnity | Contract of Guarantee | Difference between Contract of Indemnity and Contract of Guarantee =============================================== 🫵🏻 Connect with us- 🗣️Instagram- https://instagram.com/padhaku_log?igs... 🗣️Facebook- / padhaku-log-101091301476679 🗣️Watsapp-9630227777 🗣️Telegram-9630227777 =============================================== ❤️About us: Padhaku Log is a platform specially created for those students who live in remote areas and don’t have access to fancy coaching classes. A channel which wants to bring parity in knowledge level of all.