What is an example of indemnity contract?

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.

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Indemnity Agreement regarding Sale of Industrial Specialty Equipment

Philadelphia Pennsylvania Indemnity Agreement regarding Sale of Industrial Specialty Equipment

Name: Philadelphia Pennsylvania Indemnity Agreement regarding Sale of Industrial Specialty Equipment
Brand: US Legal Forms
Rating: 4.77 (371 reviews)

Category:

Contracts - Indemnification

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Multi-State

County:

Philadelphia

Control #:

US-02512BG

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To indemnify means to reimburse another for a loss suffered because of a third party's or one's own act or default. It can also refer to a promise to reimburse another for such a loss or to give another security against such a loss. The right to indemnity and the duty to indemnify commonly comes from a contractual agreement, which generally protects against liability, loss, or damage. An indemnity agreement provides that one party to the agreement will reimburse the other for loss of injury that the party may suffer because of the occurrence of a specified event, or that one party will protect the other from harm or loss.

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An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c

Definition of indemnity 1a : security against hurt, loss, or damage. b : exemption from incurred penalties or liabilities.

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.

Affordable business financing. Crazy fast. Identity of the Parties/Date of Agreement. The first topic a sales contract should address is the identity of the parties.Description of Goods and/or Services. A sales contract should also address what is being bought or sold.Payment.Delivery.Miscellaneous Provisions.Samples.

A contract of indemnity has two parties. The promisor or indemnifier. The promisee or the indemnified or indemnity-holder.

Life insurance does not relate to a contract of indemnity because the insurer does not promise to indemnify the insured for any loss on maturity or death of the insured but agrees to pay a sum assured in that case.

To indemnify means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.

Beyond the limited Act 164, Pennsylvania does not have an anti-indemnity statute regarding contracts for the industries identified above. While there is some case law governing indemnity language, Pennsylvania has no clear statutory prohibition of broad and intermediate forms of indemnity.

India Code: Section Details. 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.

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Philadelphia Pennsylvania Indemnity Agreement regarding Sale of Industrial Specialty Equipment

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