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.
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.
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.
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What is the difference between warrenty and guarantee? In: http://wiki.answers.com/Q/FAQ/4423[Edit categories]
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.
temporary/contract work
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
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.
"Contract of sell" is just "contract of sale" misspelled.
Difference between Percentage of Completion method and Completed Contract method?
the are just different.
nothing