We’re thrilled to dive into the realm of standard form contracts, a cornerstone in India’s business world. As we explore contract law, we’ll uncover the significance of these contracts across sectors like construction, employment, and consumer goods. Recognized by the Indian Contract Act, standard form contracts are indispensable in our business environment. As we dissect […]
We will explore the concepts of contract of indemnity and guarantee, which are essential in providing legal protection to parties involved in a contract. A contract of indemnity and a contract of guarantee are two special contracts that provide compensation to the creditor for the failure of a third party to perform their obligation, as
Surety bonds and Contract of surety are key in finance and law, acting as financial guarantees. They involve complex contract law. It’s important for businesses and individuals to understand them. This article will cover the basics of surety bonds, their types, and uses. We’ll also look at the rights and duties of those involved. Knowing
We will explore the concept of a contract of indemnity, a key part of Indian law. It’s outlined in the Indian Contract Act, 1872. This contract promises to protect one party from losses caused by the other or someone else. It’s also known as an indemnification agreement or legal indemnity contract. As we dive into
In this growing commercial sector, the volume of transactions and the risk associated with it are very high. The risk generally emerges from the misrepresentation, non-performance of duty or the fraudulent conduct of the other parties. So, we must protect ourselves from the loss arising from the risk and this protective provision is known as