Question
"Contract of Indemnity" is defined in which section of
Indian Contract Act?Solution
S. 124 Contact of indemnity defined- 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, is called a contract of indemnity. A contract of indemnity is a special kind of a contract which secures the promise from any kind of unprecedented losses. Parties to a contract of indemnity- · The promisor or indemnifier The promisee or the indemnified or indemnity-holder
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