Question

What is law of Indemnity? Explain the rights and duties of indemnifier and indemnity holder with
appropriate examples.

Answer 1

The Phrase Indemnity means “Security against loss or damages”. Section 124 of the Indian Contract Act'1872 defines Contract of Indemnity as a contract by which one party guarantees to save the other person from loss caused to him by the action of the guarantor himself, or by the action of any other person.