Distinguish between Contract of Indemnity and Contract of
guarantee.
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Answer Posted / ammar ul hassan
Contract of indemnity
1) there are 2 parties indemnifier and indemnity holder..
2)there is 1 contract b\w indemnifier and indemnified..
3)The nature of liability of indemnifier is primary and
independant...
4)in a contract of indemnity, the indemnifier promises
without the request of debtor..
5)A contract of indemnify is for reimbursement..
Contract of Guarantee.........
1)there are 3 parties Creditor, Principal Debtor And Surety..
2)there are 3 contracts B\W creditor and principal,
principal and surety, surety and creditor.
3)Liability of surety is Secondary....
4)contract of Guarantee is for security of a debt or
performance of promise...
| Is This Answer Correct ? | 52 Yes | 9 No |
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