Contract of indemnity meaning in tamil

Contract of indemnity translation in English- Tamil dictionary. Cookies help us deliver our services. By using our services, you agree to our use of cookies.

Contextual translation of indemnity meaning into Tamil. Indemnity : முன் காப்பீடு. What is contract of indemnity?

Can a party indemnify a contract? The term ‘indemnity’ literally means “ security or protection against a loss” or compensation. CONTRACT ACT LECTURES BY SWAMYRAJ For further clarification on the subject and For purchasing the book, Law of Contract – General Principles and Specific Relief Act Contact the lecturer, Mr. A contract of indemnity basically involves one party promising the other party to make good its losses. These losses may arise either due to the conduct of the other party or that of somebody else.

To indemnify something basically means to make good a loss. How to say contract of indemnity in Hindi and what is the meaning of contract of indemnity in Hindi? Hindi meaning , translation, pronunciation, synonyms and example sentences are provided by Hindlish.

According to section 1of the Indian Contract Act a contract of indemnity means ,” 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.

An indemnity is also known as a ‘hold harmless’ clause as one party agrees to hold the other party harmless. For more information, see Practice note, Contracts : indemnities. An indemnity is routinely added to a contract of guarantee, because an indemnity is less vulnerable to certain defences than a guarantee. According to Oxford University Press, the word indemnity originates from French indemnite, from late Latin indemnitas, and from indemnis, meaning ‘unhurt, free from loss’. An example of an indemnity would be an insurance contract , where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

To explain an indemnity agreement , it is first necessary to define the term indemnity. Contingent contracts , on the other han are the ones where the promisor performs his obligation only when certain conditions are met. If you look at the contracts of insurance, indemnity or guarantee, they have one thing in common – they create an obligation on the promisor if an event which is collateral to the contract does or does not happen. English- Tamil Legal Glossary A community-focused and community-based project funded by the Law Foundation of Ontario Dr.

The duty to indemnify is usually, but not always, coextensive with the contractual duty to hold harmless or save harmless. In contrast, a guarantee is an obligation of one party assuring the other. An indemnification agreement (also known as a hold harmless agreement ) is a legally binding contract that holds a business harmless for any burden loss or damage done by the person or entity. Sub can use the word “indemnify” in the agreement as a basis to sue Sub for indemnity for the possible liability Sub may incur to the general. Meaning of indemnify in English.

And Sub can use the phrase “hold harmless” as a basis to prevent Sub from suing it for the liability that Sub might incur to the general. In other words, “indemnify and hold harmless” can both apply to third-party situations. A form of contingent contract , whereby one party promises to the other party that he will compensate the loss or damages occurred to him by the conduct of the first party or any other person, it is known as the contract of indemnity. The number of parties in the contract is two, one who promises to indemnify the other party is indemnifier while the other one whose loss is compensated is known.

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