Indemnity bond declaring legal he
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Answer:
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Explanation:
Indemnity Bond is a form of a surety that one provides while undertaking to indemnify and to assure the other that in event of possible losses/ damages of nature as mentioned in the bond and/ or due to the reasons provided in the bond, he shall be duly compensated.
Indemnity Bond is a form of a surety that one provides while undertaking to indemnify and to assure the other that in event of possible losses/ damages of nature as mentioned in the bond and/ or due to the reasons provided in the bond, he shall be duly compensated.In simple words, an Indemnity Bond is an undertaking provided by a party entering into a contract promising to bear the losses in event of the breach of contract.
Indemnity Bond is a form of a surety that one provides while undertaking to indemnify and to assure the other that in event of possible losses/ damages of nature as mentioned in the bond and/ or due to the reasons provided in the bond, he shall be duly compensated.In simple words, an Indemnity Bond is an undertaking provided by a party entering into a contract promising to bear the losses in event of the breach of contract.Thus, when a party liable to perform the obligations as per the contract refuses to oblige, the defaulting party has the right to recover the damages and losses incurred by the defaulting party. I HOPE THIS WILL HELP YOU PLEASE MARK ME AS A BRAINLIST