INDEMNITY BOND FOR GUARANTEED PERFORMANCE

Indemnity bond is specified in Section 124 of the Indian Contract Act. A contract under which one party agrees to save the other from damages incurred to him by the actions of the promisor himself or by the conduct of any other person shall be considered a contract of indemnity.


The object of the indemnity bond is to ensure financial compensation in the event of any damage incurred by improper acts on the part of the bonded party.

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