Importance of Indemnity Contracts - 2304 Words

FINAL DRAFT ON THE TOPIC OF IMPORTANCE OF INDEMNITY CONTRACTS INDEX S.No PARTICULARS PAGE.No 1. INTRODUCTION 5 2. ENFORCEMENT 8 3. INDEMNITY IN IPR 10 4. REASONS FOR NOT GIVING INDEMNITY IN IPR 12 5. FINDINGS 13 6. CONCLUSION 14 TITLE – IMPORTANCE OF INDEMNITY CONTRACTS OBJECTIVE- TO FIND OUT THE RELEVANCE OF INDEMNITY CONTRACTS IN INDIA AND OTHER COUNTRIES THROUGH PROPER ANALYSIS SCOPE – IT IS A DOCTRINAL RESEARCH INTRODUCTION The concept of indemnity is based on a contractual agreement made between two parties, in which one party agrees to pay for potential losses or damages caused by the other party. A typical example is an insurance contract, whereby one party (the insurer) agrees to compensate the other (the†¦show more content†¦are the natural consequence of the breach (measured objectively); and 2. the parties knew were possible at the time of contract (measured subjectively). Recovery in each of these circumstances is subject to a test Of (i) what losses were foreseeable at the time of the contract, and (ii) the extent to which the principal could have reasonably mitigated the loss. ENFORCEMENT A contract of indemnity can be enforced according to its terms †¢Claim of Indemnity holder can include : damages, legal costs of adjudication, amount paid under the terms of compromise. †¢The measure of damages is the extent to which the promise has been indemnified. †¢Indemnifier should ideally be informed of the legal proceedings or should be joined as third party. The promise in a contract of indemnity, acting within the scope of his authority, is entitled to recover from the promisor- (1)all damages which he may be compelled to pay in any suit in respect of any matter to which the promise to indemnify applies; (2)all costs which he may be compelled to pay in any such suit if, in bringing or defending it,he did not contravene the orders of the promisor, and acted as it would have been prudent for him to act in the absence of any contract of indemnity, or if the promisor authorized him to bring or defend the suit; (3) allShow MoreRelatedThe Rules For Construction Of Guarantees And Indemnities1437 Words   |  6 PagesThe rules for construction of guarantees and indemnities have recently changed course creating significant judicial confusion and debate over the correct approach. 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