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The word indemnity finds its roots in the Latin word indemnis, which stands for unhurt or free from loss. Hence, indemnities are also referred to as hold harmless agreements. Indemnities are contractual agreements that provide compensation for losses, damages, or liabilities sustained by another party.
What is the indemnity clause in a guarantee?
The contract of indemnity is the contract where one person compensates for the loss of the other. Contract of guarantee is a contract between three people where the third person intervenes to pay the debt if the debtor is at default in paying back.
Is a guarantee the same as an indemnity?
Indemnities and guarantees are often confused. A guarantee is an agreement to meet someone elses agreement to do something usually to make a payment. An indemnity is an agreement to pay for a cost or reimburse a loss incurred by someone else.
What is the distinction between a guarantee and a promise of indemnity?
An indemnity obligation is a primary payment obligation, not secondary. A true guarantee contract means the guarantor promises to be responsible if the principal debtor fails to perform their obligations. In a guarantee contract, the guarantors liability is secondary to the principal debtors liability.
Who receives indemnity?
Typically, an insurance contract dictates that the insurer, also known as the indemnitor, agrees to compensate the other party involved (the insured or the indemnitee) for any damage or losses in return for premiums paid by the insured. University of Wisconsin System. Hold Harmless and Indemnity Agreements.
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What is the indemnification agreement between guarantors?
Under this agreement, the guarantors receive an indemnity from the borrower and agree, as among themselves, how their joint and several liability to the lender will be apportioned. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.
Is Indemnitor the same as guarantor?
An indemnitor, also called a guarantor, is a person or group of people agreeing to cosign for the bail bond of a defendant through a company that offers bail bonds, such as an underwriter or agent. The process of cosigning on a bond is referred to as indemnification.
What is the difference between a guarantor and an indemnity?
Usually a guarantor guarantees a debt, but he or she might guarantee that work is carried out. An indemnifier promises something different. If one party suffers a loss, then the indemnifier makes good that loss.
Related links
Suretyship, Guaranty and Indemnity--Distinctions
An absolute guaranty is an unconditional un- dertaking on the part of the guarantor that the debtor will pay the debt or perform the obligation. A conditional.
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