Difference Between Contract of Indemnity and Contract of Guarantee | The Indian Contract Act, 1872

Contract of Indemnity and Guarantee are the specific types of contracts provided under sections 124 to 147 of the Indian Contract Act, 1872. In addition to the specific provisions (i.e. Section 124 to Section 147 of the Indian Contract Act, 1872), the general principles of contracts are also applicable to such contracts.
Even though both the contracts are modes of compensation based on similar principles, they differ considerably in several aspects.
Let us discuss the difference between contract of indemnity and contract of guarantee
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Thank you ma'm " can sue when?" Point ke liye.( Right of indemnifier).

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Mam at the request of principal debtor or the craditor

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Pls anyone explain right to sue third party in case of indemnifier and indemnity holder in english please..

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22:28 indemnity holder( indemnitified) kya minar nhi ho sakta mam❓ Plz explain in short mam

[@capreetiaggarwal]

Yes. As it is for benefit of minor and If the contract is executed by guardian on behalf of minor

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8:44

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Mam I guess the example of indemnity is not more suitable, because I think there are two contracts between Mr X and the Government. Example is right but not much suitable because it is confusing.

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Mam, kindly would you say me : Contract of insurance is contract of indemnity or contingent contract ?

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Both

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Mam i have questions.. Yes contract with minor is void ab initio but The principal debtor could be a minor so surety is liable na?? And if principal debtor is dead surety will pay. The who will pay back to surety on behalf of principal debtor bcz surety thodi na charity krne baitha hai

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In case of Minor the legal guardian becomes the Principal Debtor

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Surety will not be able to recover the money. That is the risk you take by giving guarantee for minor. Guarantee given for minor is considered as personal liability of surety. He will pay the creditor in case of default, but he will not be able to recover as debtor is minor.

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