★ Must-know
The indemnifier is the party who promises to compensate for the loss, while the indemnified or indemnity-holder is the party whose loss is to be made good.
Under the statutory definition, loss caused by an accident without human conduct or by an act of God is not covered by a contract of indemnity.
Further detail
1. Which situation falls within the statutory definition of a contract of indemnity?
2. In a contract of indemnity, who is responsible for promising compensation, and who receives protection against the loss?
3. Which loss is excluded from coverage under the statutory definition of indemnity?
What is a contract of indemnity?
A contract where one party promises to save the other from loss caused by the promisor or others under Section 124.
Who is the indemnifier in a contract of indemnity?
The party who promises to compensate for the loss.
Who is the indemnity-holder in a contract of indemnity?
The party whose loss is to be made good.
Does a contract of indemnity cover loss caused by an accident without human conduct?
No, such loss is not covered under the statutory definition.
Can a contract of indemnity be implied?
Yes, it may be express or implied.
What must a contract of indemnity satisfy?
The essentials of a valid contract.
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