Importance of Indemnity Contracts
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 insured) for any damages or losses, in return for premiums paid by the insured to the insurer.
Indemnity may be paid in the form of cash, or by way of repairs or replacement, depending on exactly what is spelled out in the indemnity agreement.
For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the peace of mind of knowing that he or she will be indemnified if the house sustains damage from fire, natural disasters or other perils specified in the insurance agreement. In the unfortunate event that the home is damaged significantly, the insurance company will undertake to bring it back to its original state, either by means of repairs undertaken by its authorized contractors, or by reimbursing the homeowner for expenditures incurred in association with such repairs.
Indemnification is the act of being held not liable or being protected from costs by shifting them to another party. Certain actions almost always include an indemnity agreement. Tenants signing a lease often agree to indemnify the owner of the property from costs or damages associated with being harmed on the property. This indemnity agreement normally has an additional clause that states the
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 insured) for any damages or losses, in return for premiums paid by the insured to the insurer.
Indemnity may be paid in the form of cash, or by way of repairs or replacement, depending on exactly what is spelled out in the indemnity agreement.
For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the peace of mind of knowing that he or she will be indemnified if the house sustains damage from fire, natural disasters or other perils specified in the insurance agreement. In the unfortunate event that the home is damaged significantly, the insurance company will undertake to bring it back to its original state, either by means of repairs undertaken by its authorized contractors, or by reimbursing the homeowner for expenditures incurred in association with such repairs.
Indemnification is the act of being held not liable or being protected from costs by shifting them to another party. Certain actions almost always include an indemnity agreement. Tenants signing a lease often agree to indemnify the owner of the property from costs or damages associated with being harmed on the property. This indemnity agreement normally has an additional clause that states the