Rights of Indemnifier in India
Indemnity is a legal concept that refers to a contractual agreement where one party (the indemnifier) agrees to compensate the other party (the indemnitee/indemnified/indemnity holder) for any losses or damages incurred due to specified events or actions. In India, the rights of an indemnifier are protected under various laws, including the Indian Contract Act, of 1872, and other relevant statutes.
Indemnity rights are contractual rights that are granted to the indemnifier, who agrees to compensate the indemnified/indemnity holder for any losses or damages suffered by the indemnity holder due to certain events or actions. Indemnity rights arise from a contract, usually in the form of an indemnity clause, which outlines the scope and extent of the indemnifier’s obligations.
The Indian Contract Act, 1872, governs indemnity rights in India. Sections 124 and 125 of the Act deal with contracts of indemnity. These sections outline the rights, obligations, and limitations of the indemnifier and the indemnity holder, and provide a legal framework for indemnity agreements in India.