The Indian Contract Act defines both Contract of Guarantee and Contract of Indemnity as separate and distinct legal concepts.
Here are the six differences between these two types of contracts:
1. Definition:
A contract of guarantee is a contract where a third party agrees to be responsible for the repayment of a debt or the performance of an obligation, in case the primary debtor fails to do so. On the other hand, a contract of indemnity is a contract where one party agrees to compensate the other party for any loss or damage caused to him/her due to the actions of the indemnified party.
2. Number of parties:
A contract of guarantee involves three parties, namely the creditor, the debtor, and the guarantor. Whereas, a contract of indemnity involves only two parties, namely the indemnifier and the indemnified.
3. Primary liability:
In a contract of guarantee, the liability of the guarantor is secondary to that of the debtor. The creditor must first exhaust all legal remedies against the debtor before calling upon the guarantor to fulfill his obligations. In contrast, in a contract of indemnity, the indemnifier’s liability is primary and immediate.
4. Nature of liability:
The liability of the guarantor is conditional, meaning that it arises only when the debtor defaults on his obligations. On the other hand, the liability of the indemnifier is absolute, meaning that it arises regardless of whether the indemnified party has suffered any loss or damage.
5. Extent of liability:
In a contract of guarantee, the liability of the guarantor is limited to a specific amount or time period, as agreed upon in the contract. In contrast, the liability of the indemnifier is not limited in any way, and he/she is liable to compensate the indemnified party for any loss or damage suffered by him/her.
6. Notice of claim:
In a contract of guarantee, the guarantor is entitled to receive notice of any claim made by the creditor against the debtor, and he/she may also require the creditor to take certain actions to preserve his/her rights. On the other hand, in a contract of indemnity, the indemnifier may not necessarily be entitled to receive notice of any claim made against the indemnified party, unless specified in the contract.
Books Recommended: Check it Out
1. Beatsen (ed.)-Anson’s Law of Contract : (27th Ed. 1998)
2. Anson-Law of Contract (1998), Universal, Delhi
3. Pollock and Mulla-Indian Contract Act
4. Avtar Singh-Law of Contract, Eastern Book Co.(Lucknow)
5. S.K.Kapoor- Samvidha Vidhi (Hindi)
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
Hello, I read your new stuff regularly. Your humoristic style is witty, keep it up!
What’s up to every body, it’s my first go to see of this
blog; this weblog contains amazing and actually
excellent information in favor of visitors.
Wow that was unusual. I just wrote an extremely long comment but after I
clicked submit my comment didn’t appear. Grrrr…
well I’m not writing all that over again. Anyways, just
wanted to say great blog!
Touche. Sound arguments. Keep up the amazing work.
I have been browsing online more than three hours these
days, yet I by no means discovered any attention-grabbing article
like yours. It is lovely worth enough for me. In my
opinion, if all webmasters and bloggers made good content as you did, the net will be a lot more helpful than ever before.
Hey just wanted to give you a quick heads up. The text in your post seem to be running off
the screen in Ie. I’m not sure if this is a format issue or something to do with internet browser compatibility but I thought I’d post to let you
know. The layout look great though! Hope you get the issue solved soon. Many thanks
Howdy! This post could not be written any better! Reading this post reminds me of my previous room mate!
He always kept talking about this. I will forward this page to him.
Pretty sure he will have a good read. Many thanks for sharing!
Howdy fantastic website! Does running a blog such as this take a massive amount work?
I have virtually no expertise in computer programming however I was hoping to start my own blog in the near future.
Anyway, should you have any suggestions or tips for new blog owners please share.
I understand this is off subject however I just
had to ask. Thanks!
I’m extremely impressed with your writing skills and also with the layout on your weblog.
Is this a paid theme or did you customize it yourself?
Either way keep up the nice quality writing, it is rare to see a nice blog like this
one these days.
This piece of writing will help the internet viewers for creating
new website or even a blog from start to end.
WOW just what I was searching for. Came here by
searching for naga169 slot
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.
Thank you everyone for liking our work.
https://solo.to/kobet1
https://www.outlookindia.com/plugin-play/ED8590ED8590EBB2B3-EB8F99EC9DBC-EC8694EBA3A8EC8598-EBA994EC9DB4ECA080EC82ACEC9DB4ED8AB8-EBAAA8EC9584EBB3B4EAB8B0
https://melon-tv.com/bbs/board.php?bo_table=free&wr_id=30104
https://xn--o80b00a06uh5hcycoyec6f.kr/bbs/board.php?bo_table=free&wr_id=797674
http://xn--2e0bw5jv9cn9lc6awyoe75a.kr/bbs/board.php?bo_table=free&wr_id=38108
http://xn--s39a643a5xcp3h54c4u2a.kr/bbs/board.php?bo_table=free&wr_id=156736
http://jkmulti.vip/bbs/board.php?bo_table=free&wr_id=5731788
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me?
http://jscorporation.storycom.co.kr/bbs/board.php?bo_table=free&wr_id=144509
http://xn--vb0bj4j62rgqbt3ya411dx0c.kr/bbs/board.php?bo_table=free&wr_id=15366
I blog often and I truly thank you for your information. Your
article has really peaked my interest. I will bookmark your website and keep checking for new information about once a
week. I opted in for your RSS feed as well.
I loved as much as you’ll receive carried out right here. The sketch is attractive, your authored subject matter stylish.
nonetheless, you command get bought an edginess over that you wish be delivering the following.
unwell unquestionably come further formerly again since exactly the same nearly very often inside case you shield
this increase.
You can definitely see your enthusiasm in the article you
write. The sector hopes for more passionate writers like you who aren’t afraid to mention how
they believe. All the time follow your heart.
I am actually thankful to the holder of this web site who has shared this enormous article at at this time.
Thanks in favor of sharing such a pleasant opinion, article
is nice, thats why i have read it fully
Hello fantastic blog! Does running a blog similar to this require a lot of
work? I have very little knowledge of coding but
I had been hoping to start my own blog soon.
Anyway, should you have any ideas or techniques for new blog owners
please share. I know this is off subject however I just wanted to ask.
Many thanks!
I blog quite often and I genuinely thank you for your information. This great
article has truly peaked my interest. I’m going to take a
note of your blog and keep checking for new details about once a week.
I opted in for your Feed too.
It’s remarkable to go to see this website and reading the views of all mates about this post, while I am also eager of getting
know-how.
bookmarked!!, I like your web site!
Hey would you mind stating which blog platform you’re working with?
I’m looking to start my own blog in the near future but I’m having a difficult time selecting between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your layout seems different then most blogs and I’m looking for something completely unique.
P.S Sorry for being off-topic but I had to ask!
Superb, what a website it is! This webpage gives valuable
data to us, keep it up.
Someone essentially lend a hand to make significantly posts I’d state.
This is the very first time I frequented your web page and so far?
I surprised with the research you made to create
this particular post amazing. Magnificent activity!
hey there and thank you for your information –
I have certainly picked up something new from right here.
I did however expertise several technical issues using this website, as I experienced to reload the
web site many times previous to I could get it to load properly.
I had been wondering if your web host is OK? Not that I am complaining, but slow loading
instances times will often affect your placement in google and can damage your high-quality
score if ads and marketing with Adwords. Well I’m adding this RSS to my
e-mail and could look out for much more of
your respective interesting content. Make sure you update this
again very soon.
I was able to find good advice from your articles.
An interesting discussion is definitely worth comment.
I believe that you need to write more on this subject matter,
it may not be a taboo matter but typically people don’t speak about such topics.
To the next! Kind regards!!
Hi there, after reading this awesome article i am also glad to share my knowledge here with friends.
Thanks a bunch for sharing this with all people you actually know what you’re speaking approximately!
Bookmarked. Please also discuss with my web site =).
We could have a link alternate contract between us
Howdy outstanding blog! Does running a blog like this require
a great deal of work? I have no understanding of computer
programming however I had been hoping to start my own blog in the near future.
Anyway, should you have any ideas or techniques for new blog owners please share.
I know this is off topic however I just wanted to ask.
Thanks a lot!
http://1001pump.kr/bbs/board.php?bo_table=free&wr_id=128282
Useful information. Lucky me I found your website by accident, and I’m surprised why this accident didn’t came about in advance!
I bookmarked it.
I believe everything said made a lot of sense. But, what about this?
suppose you wrote a catchier post title? I am not saying
your information is not good, however what if you added a post title that grabbed
a person’s attention? I mean Difference- Contract of guarantee
and contract of Indemnity is kinda vanilla. You might look at Yahoo’s home page and note how
they create article headlines to get people to open the links.
You might add a related video or a picture or two to
get people excited about what you’ve got to say. In my opinion, it might bring
your posts a little livelier.
Undeniably believe that which you stated. Your favorite justification appeared to be on the web the simplest thing to be aware of.
I say to you, I certainly get irked while people think
about worries that they plainly do not know about.
You managed to hit the nail upon the top and defined out the whole
thing without having side-effects , people can take a signal.
Will probably be back to get more. Thanks
It’s very simple to find out any matter on net as compared to books, as I found this post at this web page.
naturally like your web-site but you have to test the spelling on several of your posts.
A number of them are rife with spelling issues and I to find it very troublesome to tell the reality on the other
hand I’ll surely come back again.
Attractive section of content. I just stumbled upon your weblog and in accession capital to assert that
I get in fact enjoyed account your blog posts. Any way I will be subscribing to your
feeds and even I achievement you access consistently rapidly.
Excellent post. I used to be checking continuously this
weblog and I am inspired! Very helpful info specifically the final part
🙂 I deal with such information much. I used to be seeking this certain information for a very lengthy time.
Thanks and good luck.
Hi there, just became aware of your blog through Google, and found that it’s really informative.
I am going to watch out for brussels. I’ll be grateful if you continue this in future.
Numerous people will be benefited from your writing. Cheers!
Useful information. Lucky me I discovered your site by accident,
and I’m stunned why this twist of fate didn’t came about earlier!
I bookmarked it.
I quite like looking through an article that will make men and women think.
Also, many thanks for permitting me to comment!
I have read several just right stuff here. Definitely worth bookmarking for revisiting.
I wonder how so much attempt you place to make the sort of excellent
informative website.
Hi to all, it’s actually a good for me to visit this web page, it contains useful Information.
Hi there Dear, are you really visiting this site on a regular basis, if so
after that you will absolutely obtain pleasant know-how.
Why people still use to read news papers when in this technological globe everything is
existing on web?
This is the perfect webpage for everyone who really wants
to find out about this topic. You know so much its almost hard to argue with you (not that I personally will need to…HaHa).
You definitely put a new spin on a topic that has been discussed for years.
Great stuff, just excellent!
Hi! I know this is kind of off topic but I was wondering which blog platform are you using for this website?
I’m getting sick and tired of WordPress because I’ve had problems
with hackers and I’m looking at options for
another platform. I would be awesome if you could point me in the direction of a good platform.
I think this is one of the most important info for me. And i am glad reading your article.
But wanna remark on few general things, The website style is ideal, the articles is really great
: D. Good job, cheers
Good post. I learn something totally new and challenging on sites I stumbleupon every
day. It will always be useful to read through
content from other writers and practice something from their
sites.
That is a good tip particularly to those new to the blogosphere.
Short but very precise information… Many thanks for sharing
this one. A must read post!
We’re a group of volunteers and starting a new scheme in our community.
Your web site offered us with valuable information to work on. You’ve done a formidable job and our whole community will be grateful to
you.
Wonderful blog! I found it while browsing on Yahoo News.
Do you have any tips on how to get listed in Yahoo News?
I’ve been trying for a while but I never seem to get there!
Thanks
Quality posts is the main to interest the users
to pay a visit the web page, that’s what this web site
is providing.
Hello there! Do you use Twitter? I’d like to follow you if that would
be okay. I’m definitely enjoying your blog and look
forward to new posts.
Quality articles is the key to interest the visitors to
pay a visit the website, that’s what this web page is providing.
This is a topic that’s near to my heart… Best wishes! Exactly where are your contact details though?
I all the time emailed this weblog post page to all my contacts, as
if like to read it afterward my links will too.
Oh my goodness! Awesome article dude! Many thanks, However I
am going through troubles with your RSS. I don’t know why I can’t subscribe to it.
Is there anybody else having identical RSS issues? Anyone that knows the answer will you kindly respond?
Thanx!!
My brother recommended I might like this web site. He was entirely right.
This post actually made my day. You cann’t imagine simply how much time I
had spent for this information! Thanks!
There is certainly a lot to find out about this topic.
I like all of the points you have made.
Very soon this web site will be famous among all blog visitors,
due to it’s nice content
Highly descriptive blog, I enjoyed that a lot. Will there be a part 2?
Fastidious answer back in return of this issue with solid arguments and
explaining everything about that.
I would like to thank you for the efforts you have put in penning this website.
I’m hoping to view the same high-grade content
by you later on as well. In truth, your creative writing abilities has encouraged me
to get my own, personal blog now 😉
An impressive share! I’ve just forwarded this onto a coworker who has been conducting a little homework on this.
And he in fact ordered me dinner due to the fact that I stumbled upon it for
him… lol. So let me reword this…. Thanks for the meal!!
But yeah, thanks for spending time to discuss this
topic here on your blog.
First of all I would like to say fantastic blog!
I had a quick question that I’d like to ask if you don’t mind.
I was interested to find out how you center yourself and clear your
head prior to writing. I’ve had a hard time clearing my mind in getting my thoughts
out there. I truly do enjoy writing but it just seems like the first 10 to 15 minutes
tend to be wasted just trying to figure out how to begin. Any suggestions or tips?
Appreciate it!
I’d like to find out more? I’d care to find out more details.
Your article helped me a lot, is there any more related content? Thanks!
Remarkable! Its actually remarkable paragraph, I have got much clear
idea concerning from this piece of writing.
Quality articles is the secret to invite the viewers to pay a visit the website, that’s what this web
page is providing.
I like what you guys are usually up too. This type of clever work and coverage!
Keep up the excellent works guys I’ve you guys to my own blogroll.
all the time i used to read smaller articles or reviews which also
clear their motive, and that is also happening with this paragraph
which I am reading at this time.
Just want to say your article is as amazing. The clarity in your publish
is just spectacular and i can suppose you’re an expert in this subject.
Fine with your permission allow me to take hold of your RSS feed to stay up to date with drawing close
post. Thank you a million and please keep up the gratifying work.
Wonderful, what a blog it is! This blog provides valuable information to us, keep it up.
Hi! Quick question that’s totally off topic. Do you know how to make your site mobile friendly?
My web site looks weird when browsing from my iphone 4.
I’m trying to find a theme or plugin that might be able to correct this issue.
If you have any recommendations, please share. Thank you!
It is the best time to make some plans for the future and it is time to be happy.
I have read this post and if I could I wish to suggest you some interesting
things or advice. Maybe you could write next articles referring to this article.
I want to read even more things about it!
We are a group of volunteers and opening a new scheme in our community.
Your site provided us with valuable info to work on. You’ve done a formidable job and our entire community will be
thankful to you.
No matter if some one searches for his essential thing,
thus he/she needs to be available that in detail, thus that thing is maintained over here.
A person necessarily lend a hand to make seriously
posts I’d state. That is the first time I frequented your website
page and up to now? I surprised with the
analysis you made to create this particular submit incredible.
Great process!
Right here is the right web site for anyone who hopes to find out about
this topic. You understand so much its almost tough to argue with you
(not that I really would want to…HaHa). You certainly put a new spin on a topic that has been discussed for decades.
Excellent stuff, just excellent!
I’ll right away snatch your rss feed as I can’t in finding your e-mail subscription hyperlink or e-newsletter service.
Do you’ve any? Please let me realize so that I may subscribe.
Thanks.
hello there and thank you for your information – I’ve definitely picked up something new from right here.
I did however expertise several technical points using this website, since I
experienced to reload the website many times previous to I could get it to load correctly.
I had been wondering if your hosting is OK? Not
that I am complaining, but slow loading instances times will often affect your placement in google and can damage your quality score
if advertising and marketing with Adwords. Well I am adding this
RSS to my email and can look out for a lot more of your respective
interesting content. Ensure that you update this again soon.
First off I would like to say great blog! I had a quick question that I’d like to ask if you don’t mind.
I was interested to find out how you center yourself and clear your thoughts prior to writing.
I have had a tough time clearing my mind in getting my thoughts out.
I truly do take pleasure in writing however it just seems
like the first 10 to 15 minutes are generally lost simply just trying to
figure out how to begin. Any ideas or hints? Many thanks!
It’s remarkable to go to see this web page and reading the views of all colleagues
about this post, while I am also zealous of getting knowledge.
https://www.livingtel.com/bbs/board.php?bo_table=free&wr_id=26029
I visited various blogs except the audio feature
for audio songs current at this site is actually fabulous.
Hey very interesting blog!
What i don’t realize is in reality how you are no longer really a lot more neatly-liked than you might be now.
You’re very intelligent. You know thus considerably
in the case of this matter, produced me for my part consider it from numerous varied angles.
Its like men and women are not interested except it is one thing to do with Woman gaga!
Your personal stuffs nice. Always maintain it up!
I love looking through a post that can make people think.
Also, thanks for permitting me to comment!
My relatives always say that I am killing my time here at
web, except I know I am getting know-how daily by reading thes
fastidious content.
I’m really impressed with your writing skills
as well as with the layout on your weblog. Is this a paid theme or did you modify it
yourself? Either way keep up the nice quality writing, it is rare to see
a nice blog like this one these days.
Can I simply just say what a relief to discover somebody that actually
knows what they are talking about online. You actually understand
how to bring an issue to light and make it important.
More and more people ought to read this and understand this side of the story.
I can’t believe you aren’t more popular since you most certainly possess the gift.
It’s very trouble-free to find out any topic on net as compared to textbooks,
as I found this article at this site.
http://jblenke.sjinte.com/bbs/board.php?bo_table=free&wr_id=261927