Indemnity is an enforceable promise, undertaking, assurance given by one party (promisor) to another (promisee) to make good any loss, injury, harm caused to the latter thus making the promisee rely on, act or do certain things on such promise. Promisee suffering loss or damage is entitled to recover from the promisor all damages, cost, charges, expenses and compensation.
GUARANTEE is an enforceable promise, undertaking, assurance given by one party (Guarantor) to third party (promisee) to perform the promise or discharge of liability of a promisor who defaults his contractual obligations entered into with the promisee.
A law firm undertakes to draft various kinds of Indemnity and Guarantee bond in the light of Indian Stamp Act, Contract Act 1872, Transfer of Property Act 1882, banking laws, etc.
Types of INDEMNIFICATION & GUARANTEE:
- Indemnity by a Land Owner whose Title is in dispute;
- Indemnity by Legatee to the Executor;
- Indemnity for loss of Title Deeds;
- Indemnity for a Minor’s claim in the property;
- Indemnity by Debtor to his Guarantor;
- Indemnity for Loss of Share Certificate;
- Indemnity for Loss of Deposit Receipt;
- Indemnity for Title;
- Indemnity by Heirs of a Deceased;
- Indemnity for Loss of Allotment Letter;
- Deed of Guarantee;
- Fidelity Guarantee;
- Guarantee for Sale of Goods;
- Guarantee for Promising Not to Sue;
- Guarantee for withdrawing legal proceedings;
- Guarantee for performance of Contract;
- Guarantee for payment of rent;
- Guarantee to Bank for a debt.