Court : Kolkata
Reported in : AIR1990Cal421
..... commercial bank v. bank of india (supra). in our opinion whether it is a bank guarantee or a letter of credit or contract of indemnity, the enforceability of such an instrument against the bank depends on the terms and conditions of the same. the question before the court in such ..... out some of the salient features of the same. bank guarantees and letters of credit practically stand on the same footing. in our opinion an indemnity given by a bank also stands on the same footing. this is also made clear in the supreme court judgment in the case of united ..... the trial court in an application for a interlocutory order filed by the plaintiff appellant. this also involved the question of enforcement of letters of indemnity/guarantee. the defendant no. 4 in that case was allahabad bank which executed 4 documents in favour of the defendant no. 3 which was ..... transaction of sale of goods with an irrevocable tetter of credit. but in modern commercial transactions, various devices are used to ensure performance by the contracting parties. the traditional letter of credit has taken a new meaning. in business circles, stand by letters of credit are also used. performance bond ..... the bank, however, was not allowed to determine whether the seller had actually shipped the goods or whether the goods conformed to the requirements of the contract. any dispute between the buyer and the seller must be settled between themselves. the courts, however, carved out an exception to this rule of .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1979Cal44,(1981)1CompLJ356(Cal)
..... conduct of the promisor himself or by the conduct of any other person, is called a contract of indemnity.' the section, in its terms is dependent upon the obligation which arises on the loss caused to the party to be indemnified. the loss ..... the state bank of india to the bank of alexandria. the scope and effect of an indemnity is dealt with under the provisions of s. 124 of the indian contract act which provides as follows : 'a contract by which one party promises to save the other from the loss caused to him by the ..... june, 1974 it has been stipulated that 'notwithstanding the foregoing' stc maintains 'texmaco failed to perform in an orderly manner its obligations under the aforesaid contract. in the view of the foregoing, stc hereby asks you to make full payment'. whether stc has acted logically or illogically, rationally or irrationally is ..... . except possibly in clear cases of fraud of which the banks have notice, the courts will leave the merchants to settle their disputes under the contracts by litigation or arbitration...... the courts are not concerned with their difficulties to enforce such claims : these are risks which the merchants take. in ..... ltd. braithwaite and co. (india) ltd. and state trading corporation of india ltd. on the 20th jan. 1973 (hereinafter referred to as back to back contract) texmaco have agreed to- (a) manufacture and supply 867 gas wagons (hereinafter referred to as wagons) at the total price of rs. 9,90,11,400 .....Tag this Judgment!
Court : Kolkata
Reported in : (2001)1CALLT218(HC)
..... insurance unless the premium is paid in advance, such a condition can even be waived. except in certain cases as for example contract of life insurance, personal accident or sickness insurance, the principle of indemnity applies to a contract of insurance in which case the insurer's liability would be limited to actual loss. 16. reference in this connection may be ..... pecuniary loss to the assured only then he becomes entitled to be indemnified subject to the limitations contained in the contract. 18. it is trite that the question as to whether a contract of insurance would be a contract of indemnity will depend upon construction of a particular contract subject to the consideration that in the absence of the clear words showing that the ..... contract was intended, the court will construe the contract as one of indemnity. 19. in new india assurance co. ltd. v. rula and ors ..... . reported in : 2scr148 , the apex court has held :-- 'now, a contract of insurance, like any other contract, is concluded by offer and acceptance. normally, a liability under .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1938Cal151
..... court of appeal below in respect of defendant 2 appears to be right.3. the next point taken by the learned advocate is that the contract of indemnity made in this case was against public policy having a tendency to induce the telegraph authorities to give the advantage of a public utility service ..... constitutional rights with corresponding constitutional duties imposed on the state. for the discharge of those duties, the state cannot bargain with the subject through contract. a contract between the subject and the state by which the state is to get money from the subject for the discharge of any of its constitutional ..... extend their custom to the office make their promises that the office will pay, the authorities ask them to make good their word by executing an indemnity bond, that is to say in the event of losses those men will be asked to make good the loss. on a plain view of ..... be also protected from criminal attacks. the state is under the constitutional obligation to afford protection to the person and property of its subjects. any contract therefore by which the subject has to pay the state for the state affording him such protection is against public policy. the subject is not ..... by the plaintiff from the action of defendant 2 cannot be ascertained until action has been taken by the plaintiff against the other five persons who contracted with the plaintiff. in nay opinion that argument is not correct. the defendant, along with five other persons, signed a bond demanded by the .....Tag this Judgment!
Court : Kolkata
Reported in : (2004)1CALLT280(HC)
..... cannot be said to be in respect of the loss under the policy and the contract between the plaintiff and defendant no. 2 ecgc is a contract of insurance which is essentially a contract of indemnity but not full indemnity. it is further contended by mr. mitra that in the event the insurer does ..... s bench division bench 330 in support of his contention that the insurer cannot retain the amount in excess of what it has paid by way of indemnity.30. mr. supriya bose the learned advocate for defendant no. 1 hong kong & shanghai banking corporation ltd. has contended, on the other hand, ..... assignment in the instant case and without being subrogated the insurer cannot claim to retain the amount in excess of what it has paid by way of indemnity. reliance has been placed by mr. mitra on the ratio of the decision in the case of yorkshire insurance co. ltd. v. nisbet shipping ..... of the original plaintiff ultimately vested in the present plaintiff.16. the admitted facts emerging from the materials on record are as follows. pursuant to the contract dated october 8, 1985 which is marked as exhibit 'b' the original plaintiff sold, supplied and exported 20 lacs of clip bolts to the egyptian ..... not indemnity completely but only partially, the insurer has no right of subrogation at all. he has further .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1957Cal617,61CWN389
..... of 1936 and various appeals and proceedings in connection therewith ..... rs. 10,000-0-0. total 2,29,178-4-3 10. the suit was founded principally upon an alleged contract of indemnity, express or implied in the agreement, flowing from the certificate officer's acceptance of the judgment-debtors' offer of payment of rs. 1,60,000/- in full satisfaction of ..... appeal to that item of claim only and that also on the ground of tort alone. the case of contract has not been urged before us as, apart from other infirmities of the alleged contract, it is difficult to discover in it any contract of indemnity which was essential to support the plaintiffs' claim under that head. we would, therefore, confine our discussion only ..... subordinate judge in support of the claim. the learned subordinate judge held that there was no binding contract between the parties, -- in any event, no contract, enforceable in law, -- and there was not the least warrant for finding, either in law or in fact, any contract of indemnity, express or implied. he further held that there was no tort, committed by or attributable to .....Tag this Judgment!
Court : Kolkata
Reported in : I(2001)ACC411,2001ACJ1169,AIR2000Cal276,(2000)3CALLT271(HC),2000(2)CHN416
..... the liability of an insurer on the basis of a valid insurance policy covering the vehicle in question at the relevant point of time, is a matter relating to the contract of indemnity between the insurer and the insured. as the liability to pay compensation to a third party, as held hereinbefore, is joint and serveral amongst the insurer and the insured ..... the liability of the insurer if the vehicle is validly assured or apportion the liability between the insured. the insurer is liable to pay compensation on the basis of the contract of indemnity only when the insured is liable to pay the damages to the claimant. therefore, the liability between the insurer and the insured is governed by the ..... contract of indemnity between them and to the extent to which the vehicle is assured.10. thus, upon reading of the provisions of section 96, section 110aand section 110b of the aforesaid act, ..... , being one of the following conditions, namely :- (i) a condition excluding the use of the vehicle- (a) for hire or reward, where the vehicle is on the date of the contract of insurance a vehicle not covered by a permit to ply for hire or reward, or (b) for organised racing and speed testing, or (c) for a purpose not allowed .....Tag this Judgment!
Court : Kolkata
Reported in : III(2004)ACC176,2003ACJ1974
..... account of an accident involving the vehicle, the insurer will indemnify the owner. therefore, when the owner dies in the accident involving the motor vehicle, the contract of indemnity will not cover such case as the owner of the offending vehicle is not to pay compensation to any other person. strong reliance was placed on the judgment in the ..... .4. relying on the aforesaid judgments, the learned counsel for the appellant contended that the insurer's liability is on the contract of indemnity entered into between insurer and the owner of the vehicle and the principle behind the contract of indemnity is that where the owner of a motor vehicle is compelled to pay compensation to persons who suffered injury or damage on ..... by policy. judgments cited by the appellant particularly in the cases of siddanna nimbanna jawali, : ilr2001kar1670 ; darshan kaur, and hemlata sahu, : 1999(2)mplj231 , support such view.7. from the contract of insurance the liability for bodily injury of the owner-insured, has not been shown. as the policy is comprehensive only the additional claim can be damage for the property .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1967Cal47
..... by force of the express assignment of the bank's claim.'6. in pariyamianna marakkayar & sons v. banians and co. : air1926mad544 it was observed that:'so far as the contract of indemnity is concerned, by which a person agrees to indemnify another against loss caused by the conduct of a third person and which does not require the consent of, or privity ..... under the policy has by way of subrogation an equitable right to all the claims of the assured against the carrier in respect of the shortage. the contract of insurance against loss is a contract of indemnity. on payment of the amount of the loss the insurer as indemnifier has an equitable right of subrogation to the claims of the assured against the ..... referred to the dictum of lord cairns in simpson v. thomson, (1877) 3 ac 279 that:'where one person has got to indemnify another, he will, on making good the indemnity, be entitled to succeed to all the ways and means by which the person indemnified might have protected himself against or reimbursed himself for the loss.'7. these decisions are .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1998Cal1
..... that of the ordinary contractual warranty. otherwise there is no principle in insurance law which is at variance with the ordinary principles of the law of contract.'46. a contract of insurance is primarily a contract of indemnity but it may be framedotherwise, in terms whereof the insurer has certainobligation. 47. in lucas ltd. v. export credits guarantee depatment reported in 1974 (2 ..... price. the export credit guarantee department of the department of trade issues to exporters policies covering them them upto specified percenages against non-commercial risk. these policies are contracts of indemnity and if payment has been made under a policy by the department of trade in respect of a loss due to restrictions on the export of currency, and the ..... made by the first petitioner as regards the solemn promise made by it. a case of this nature would not fall within the general cases arising out of a pure contract qua contract.30. in life insurance corporation of india v. escorts ltd. reported in : 1986(8)ecc189 , the apex court was concerned with transfer of shares. the apex court ..... stated :--'the ministry of foreign economic relations of the republic of kazakhstan is pleased to inform that it is taking all the possible measures to perform its obligations under the contract concluded between 'rassik woodworth limited' and the state joint-stock company 'kazpishepromsyrio' for the delivery of tea to kazakstan. but some difficulties related to introduction .! the national currency, .....Tag this Judgment!