Distinguish between Contract of Indemnity and Contract of
guarantee.
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Answer Posted / shankar tanikella
Unlike contract of indemnity where indemnifier is liable for
indemnified in a contract of guarantee the liability of the
surety is co-extensive with that of principal debtor and the
creditor can proceed with principal debtor and surety
simultaneously.Even the creditor with notice to principal
debtor can recover the dues from surety first .But the
surety will have a legal right to recover the monies he
paid to creditor from the principal debtor
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