Indemnity holder meaning in tamil

Contextual translation of indemnity meaning into Tamil. Human translations with examples: பத்தி, tamil , அஞ்சலை அம்மாள். Thanks for using this online dictionary, we have been helping millions of people improve their use of the TAMIL language with its free online services.

Indemnity : முன் காப்பீடு. Damages paid: All damages which he could be compelled to pay in any suit in respect of any matter to. When parties expressly make a contract of indemnity , they can determine their own terms and conditions.

However, sometimes they may not do so. In such a case, the indemnity holder can enforce the following rights against the indemnifier: 1) The indemnifier will have to pay damages which the indemnity holder will. This is upon the indemnity holder to give the notice or not to give it, thus discretion remains with the indemnity holder. This concept is as simple as the definition says, but the difference happens when this concept is applied in different fields.

In this project, Indian perspective on indemnity is described along with the rights of the indemnity-holder. Some indemnity claims arise by operation of law. Earlier, the indemnity holder was indemnified only after the payment of loss. While expenditure realisation was good the State is also taking initiatives for optimum utilisation of its inherit strengths he said. Nationalised banks LIC general insurance companies and Income Tax Department put up their stalls at an exhibition organised in connection with the campaign.

In a contract there are two parties to contract the promiser and promisee. In contract of indemnity the parties are called as indemnifier and indemnity holder. Simply put, indemnity implies protection against loss, in terms of money to be paid for loss.

As nouns the difference between indemnity and indemnification is that indemnity is (legal) an obligation or duty upon an individual to incur the losses of another while indemnification is the act or process of indemnifying, preserving, or securing against loss, damage, or penalty. Most commonly, it is an insurance. He has some rights against the indemnifier in accordance with the legal provisions incorporated under the Nepalese and Indian Contract Acts. But, the duties of the indemnity - holder have not.

Under Section 1of Indian Contract Act Contract of indemnity means that one party promises to save the other from loss caused to him by conduct of the promiser or any other person. Define a contract of indemni. 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.

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 connection with any registration in which a Holder is participating, each such Holder will furnish to the Company in writing such information and affidavits as the Company rea. This insurance protects the holder from having to pay the full sum of an indemnity , even if the holder is at fault for the cause of the indemnity in the first place. An indemnity holder is entitled to recover from indemnified all sums which he has paid under the term of compromise of any suit and compromise was not against the order of the promisor and the compromiser was not against the order of the promisor and the compromise was such that it was to be done (prudent) in absence of any contract of indemnity.

How to use indemnity in a sentence. Rights of the indemnity holder Section 12 defines the rights of an indemnity holder. These are as follows - The promisee in a contract of indemnity , acting within the scope of his authority, is entitled to recover from the promisor - i. The holder of a bill of exchange is the person who is legally in the possession of it, either by endorsement or delivery, or both, and entitled to receive payment either from the drawee or acceptor, and is considered as an assignee. A note on indemnity clauses in commercial contracts, focusing on the law and commercial needs that shape their drafting. It also suggests an approach to negotiating and drafting an indemnity clause, and the rules of interpretation as they apply to indemnities, with particular reference to words and phrases commonly used in indemnity clauses.

The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith.