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ARTICLE · 16 JANUARY 2018

Indemnity Vs Damages

S.S. Rana & Co.
S.S. Rana & Co.
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S.S. Rana & Co.

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They are remedies that may be claimed by the aggrieved party for breach of contract.

IndiaCorporate/Commercial Law
S.S. Rana & Co. Advocates
S.S. Rana & Co. Advocates
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Introduction –

Indemnity and damages are two closely related words when it comes to contracts and agreements, yet bearing completely different principle and usage. They are remedies that may be claimed by the aggrieved party for breach of contract.

Indemnity is an undertaking to make good monetary or other loss which may be caused due to damage. Section 124 of the Indian Contract Act, 1872 (hereinafter referred to as 'the Act') which states that, "A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person."1 Further, Section 125 provides remedy to the promisee in a contract of indemnity acting within the scope of its authority.

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