What is a contract of indemnity

The term “Indemnity” means to make good the loss or to compensate the party who has suffered some loss.
Section 124, of the Indian Contract Act, 1872 defines contract of indemnity as, ‘it is a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person.”

Example: Mr. X contracts with the Government to return to India after completing his studies at University of Cambridge and serve the Government for a period of 3 years. If Mr. X fails to return to India, he will have to reimburse the Government. It is a contract of indemnity.

[LAKSHAY-jsdk]

Mam its a better place for legal productivity keep it up mam ⭐

[Powerofkn]

Very good preeti
Nicely explained keep up the good work.

[suhanimishra-cnsn]

Tomorrow is my exam uu just save myyy timeee ❤❤

[Samriddhisrivastava]

Riya and government officer 👮 with same earings 😂😂😂😂😂😂😂

[devjat]

Thankyou Ma'am ❤ Nice Explanation

[CAprofession]

Insurance contract is done but life insurance is never indemnity am I right

[ayaanchaudhary]

Thnxx mam your explanation r too good keep it up it helps me a lot❤

[abhishekmisra]

madam insurance is contingent contract in india but in Britain it's indemnity contract, yes bond is indenmity contract

[optimumdesigns]

Is tarah se bachche padhenge to sab top karenge

[milinsharma]

Example ' the Indian contract act' se liya na mam aapne...😅