Critical Analysis of Contract of Indemnity
Aditya Kashyap, Symbiosis Law School, Pune.*
The security or protection given against a loss or other form of financial burden is referred to as indemnity. A contract of indemnity is a contract in which one party protects another from financial loss or burden on the basis of the terms of the contract. Section 124 and Section 125 of the Indian Contract Act, 1872 extensively cover and provide for contract of indemnity. However, there are certain shortcomings in the same such as need for express contracts, the silence of the provisions on the rights of the indemnifier etc.
* First Year Law Student pursuing B.B.A. L.L.B.from Symbiosis Law School, Pune.