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

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