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Sathish Reddy posted an Question
June 25, 2020 • 17:20 pm
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30 points
30 points
- UGC NET
- Law
Who is an indemnity holder? with example.
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Rutusha lodha
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person in whose favour indemnifire made a promise is known as indemnity holder or indemnified.
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Ayushi mittal Best Answer
section 124 of Indian contract act 1872 defines the contract of indemnity. in simpler words it is contract when one party decided to do good to the other party by promising him to compensate for the loss suffered by him due to the act of a third party. Therefore, the person who promises to indemnify is called the ‘indemnifier’, and the person in whose favor such a promise is made is known as the ‘indemnified’ or ‘indemnity holder’. section 125 elaborates on the rights of the indemnity holder. Mahesh contracts to indemnify Anil against the consequences of any proceedings which Vijay may take against Anil in respect of a certain amount of Rs. 1000. this is known as the contract of indemnity. mahesh is indemnifier anil is indemnity holder vijay is the creditor cases: Prafulla Kumar v. gopee Ballabh