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Kinds of Guarantee

There are two types of guarantee namely, specific guarantee and continuing guarantee. A contract of guarantee is for a specific or future debt.  A specific guarantee is for a single debt and comes to an end when the debt guara...
 
 
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Extent of Surety’s liability

The liability of the surety is co-extensive with that of the principal debtor unless the contract otherwise provides (Section 128). A creditor is not found to proceed against the principal debtor. He can sue the surety without ...
 

 
 
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Distinction between Indemnity and Guarantee

There are some of the distinctions between Indemnity and Guarantee. Although they have similarities like they both should support the essentials of a contract. A contract of indemnity differs from a contract of guarantee in the...
 

 
 
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Contract Guarantee

Contract of Guarantee is a contract to perform the promise and discharge the liability of a third person in case of default.  There are three important words associated with the word ‘Guarantee’.  These words are Surety, ...
 
 
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Rights of Indemnity Holder when Sued

Under Section 125, the promisee, in a contract of indemnity, acting within the, scope of his authority, is entitled to recover from the promisor; (1) all damages which he may be compelled to pay in any suit in         ...
 

 




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