What is the difference between contract of indemnity and guarantee?

Answer 1

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.

Answer 2

A guarentee is a general term meaning: A promise or an assurance, especially one given in writing, that attests to the quality or durability of a product or service. Indemnity is a little more specific and mostly refers to insurance, where one party "indemnifies" someone against loss caused by the conduct of the promisor or a third party. An Indeminity & Guarantee is a contract to indemnify one party against the consequences of any legal proceedings brought by a third party.

Answer 3

my ans is that guarantee is to a set of the trust of some one .