Guarantee
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This document summarizes key aspects of contracts of indemnity and guarantee under Indian contract law: 1) A contract of indemnity promises to save another from loss caused by the promisor or third parties, and the indemnified has rights to damages, costs, and sums from any compromise. 2) For a contract of guarantee, a surety guarantees to perform a promise or discharge the liability of a third party (principal debtor) if they default, with the creditor as the other party. 3) A surety's liability is secondary and coextensive with the principal debtor, including all costs, and the surety has rights against the creditor and principal debtor, including rights
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Guarantee
- 1. Contract of indemnification Promises to save the other from loss caused to him by promisor or any other person Rights of indemnified:- All damages All costs All sums for any compromise For e.g. A and B go in to a shop. B says to the shopkeeper let A have the goods and he would pay for it.