ICA Section 124: "Contract of indemnity" defined
Indian Contract Act, 1872 · Chapter 8: Indemnity and Guarantee
Read the chapter guide and take the quiz →
124. "Contract of indemnity" defined. 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, is called a " contract of indemnity".
Illustration
A contract to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of 200 rupees. This is a contract of indemnity.
Official reference: India Code, Legislative Department — checked: 29 September 2026.
This text is for reference, not legal advice. Consult the official source for the authoritative text.
Other sections in this chapter
- 125. Rights of indemnity-holder when sued
- 126. "Contract of guarantee", "surety", principal debtor" and "Creditor"
- 127. Consideration for guarantee
- 128. Surety's liability
- 129. "Continuing guarantee"
- 130. Revocation of continuing guarantee
- 131. Revocation of continuing guarantee by surety's death
- 132. Liability of two persons, primarily liable, not affected by arrangement between them that one shall be surety in other's default
- 133. Discharge of surety by variance in terms of contract
- 134. Discharge of surety by release of discharge of principal debtor
- 135. Discharge of surety shen cerditor compounds with, gives time to, or agrees not to sue principal debtor
- 136. Surety not discharged when agreement made with third person to give time to principal debtor
- 137. Creditor's forbearance to sue does not discharge surety
- 138. Release of one co-surety does not discharge others
- 139. Discharge of surety by creditor's act or omission impairing surety's eventual remedy
- 140. Rights of surety on payment or performance
- 141. Surety's right to benefit of creditor's securities
- 142. Guarantee obtaiend by misrepresentation, invalid
- 143. Guarantee obtained by concealment, invalid
- 144. Guarantee on contract that creditor shall not act on it until co-sureties joins
- 145. Implied promise to indemnify surety
- 146. Co-sureties liable to contribute equally
- 147. Liability of co-sureties bound in different sums