Exam (elaborations)
Difference between Contract of Indemnity and Guarantee
- Course
- Institution
Difference between Contract of Indemnity and Guarantee
[Show more]
Content preview
Difference between Contract of Indemnityand Contract of Guarantee
Difference between Contract of Indemnity and Contract of Guarantee
Reading time:
8 mins read
Post category:
Contract Staffing
Post published:
September 21, 2021
In order to understand the difference between Contract of Indemnity and Contract of
Guarantee, we need to understand few important terms. Indemnity means “Security against
, loss”. Both indemnity and guarantee are contingent contracts that are governed by the
Contract Law.
While indemnity implies protection against loss, the guarantee is when an individual assures
the opposite party that he or she will fulfil the obligation in case of a default.
Indemnity means money that needs to be paid for the loss. If you want to secure your position
or interest in a given contract, you should opt for either of the two. However, before you go
ahead, you need to understand the differences between guarantee and indemnity. There are
some borderline differences between them.
Table of Contents
Key features of the contract of indemnity
Key features of contract of guarantee
Definition of Indemnity
Definition of guarantee
Conclusion:
Key features of the contract of indemnity
● Some key features include the fact that the contract is made for the protection of the
promise against contingent loss
● The event mentioned in the contract must take place
● As soon as the indemnified faces the loss, the liability of the indemnifier takes place
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AnswersCOM. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76799 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now