Question

Difference between undertaking and indemnity in law

Answer 1

Answer:

undertaking-a formal pledge or promise to do something

indemnity-security or protection against a loss or other financial burden.

Explanation:

indemnity-Indemnity under the law means protection of the losses or financial burden in the form of money. It is when one party promises to compensate for the losses that will occur due to the act of the promisor or other party. Whereas guarantee is when a person gives the assurity to the other party that if the third party defaults he/she will be held responsible for that and will fulfill the obligations.

undertaking_Undertaking means an agreement to be reponsible for something. In a legal context, it typically refers to a party agreeing to a surety arrangement, under which they will pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so.

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