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   • Indian Contract Act 1872  

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👉 Contract of Indemnity

A Contract of Indemnity is a contract in which one party promises to save the other party from loss caused to him. It is basically a protection against loss.

By the conduct of the promisor (the one giving indemnity), or
By the conduct of any other person.

🔹Example: Insurance contracts (like fire insurance, marine insurance) are practical examples of indemnity.

👉 Definition of Contract of Indemnity

Under the Indian Contract Act, 1872, Section 124 defines Contract of Indemnity as

👉 Parties in a Contract of Indemnity

1.) Indemnifier – The person who promises to compensate (the one giving protection).
2.) Indemnified (or Indemnity-holder) – The person whose loss is to be made good (the one receiving protection).

👉 Essentials of a Valid Contract of Indemnity

There must be two parties – indemnifier and indemnified.
It must involve a promise to compensate for loss.
The loss must arise from the conduct of the promisor or a third party.
It must satisfy all essentials of a valid contract (consent, capacity, consideration, lawful object, etc.).

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