Indian Contract Act Section 124 — “Contract of indemnity” defined

Summary

A contract of indemnity is an agreement where one person promises to protect another person from a loss. This loss can be caused by the actions of the person making the promise, or by the actions of any other person. In simple terms, it is a promise to make good a loss that the other party suffers.

Official Text

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, is called a “contract of indemnity”. Illustration

Related Judgments

• being a Cooperative Society registered ]; under the Maharashtra Cooper vs 1. State Bank of India (Dombivli, ], Industrial Estate Branch), at and — Bombay High Court (Mumbai Principal Seat) (2005)
• PUN.JAB NATIONAL BANK LIMITED vs BIKRAM COTTON MILLS & ANR — Supreme Court of India (1969)
• PHOENIX ARC PVT. LTD. vs KETULBHAI RAMUBHAI PATEL — Supreme Court of India (2021)
• CHINA DEVELOPMENT BANK vs DOHA BANK Q.P.S.C. & ORS — Supreme Court of India (2024)