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A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent.
In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person;
while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
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What is the difference between contract of indemnity and guarantee?
A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent. In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person; while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
What is the difference between indemnity and breach of contract in terms of legal liabilities and obligations?
Indemnity refers to the obligation to compensate for losses or damages, while breach of contract occurs when one party fails to fulfill their obligations as outlined in a contract. In terms of legal liabilities, indemnity involves providing financial protection, while breach of contract can result in legal consequences such as being sued for damages.
What is the difference between liability and indemnity?
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What is the difference between warrenty and guarantee?
What is the difference between warrenty and guarantee? In: http://wiki.answers.com/Q/FAQ/4423[Edit categories]
What is the difference between security deposit and performance guarantee?
Security Deposit is the amount kept by the customer towards the guarantee against completion of a contract.;where as performance guarantee is the guarantee given by the contractor towards performance quality of the executed job/supplied product.Thus requirement of security deposit ends with complete execution of the contract whereas Performance guarantee holds till the period of warranty/defectliabilityis over.
What is the difference between temporary and contract?
temporary/contract work
Difference between guarantee and warranty?
guarantee means that the seller will completely replace the product or item while warranty means that the seller will repair the product or item. SHAHZAIB SHEHZAD
What is the purpose and significance of a simple indemnity clause in a contract?
An indemnity clause in a contract serves to protect one party from financial loss or liability that may arise from the actions or negligence of the other party. It is significant because it helps allocate risk and responsibility between the parties involved in the contract, providing clarity and protection in case of disputes or legal issues.
What is the difference between contract of sell from contract of sale?
"Contract of sell" is just "contract of sale" misspelled.
Difference between Percentage of Completion method and Completed Contract method?
Difference between Percentage of Completion method and Completed Contract method?
What is the difference between contract and non contract production units?
the are just different.
What is the difference between a Bank guarantee and standby letter of credit?
nothing
