Court : Karnataka
Decided on : Jul-11-1986
Reported in : 68CompCas450(Kar)
..... are mostly used between the seller and the purchaser in order to see that the seller gets his money without much difficulty. 21. section 124 of the contract act defines the contract of indemnity as: 'a contract by which the one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of ..... warrant interference by an injunction. 32. therefore a reference to the said various paragraphs would clearly bring out that there is a marked distinction between letters of credit, contracts of guarantee and contracts of indemnity. the said supreme court case involved only a letter of credit. therefore, the reliance placed by learned counsel, shri sundaraswamy, on the said decision will not help him ..... any other person, is called a `contract of indemnity''. 22. section 125 of the contract act reads: 'the promisee in the contract of indemnity, acting within the scope of the his authority, is entitled to recover from the promisor - (1) all damages which he may be compelled ..... . 16. to appreciate the said rulings referred to by both the advocates, it is necessary to find out the meaning of the words: (i) letter of credit; (ii) contract of guarantee ; and (iii) contract of indemnity. 17. the learned author h.p. sheldon, in his practice and law of banking, 8th edition (revised), has stated: 'letter of credit. - there are various kinds of .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-11-1986
Reported in : AIR1987Kant139; ILR1986KAR3313
..... and the purchaser in order to see that the seller gets his money without much difficulty. 17. section 124 of the contract act defines the contract of indemnity as: -'a contract by which one party promises to save the other from loss caused to him by the conduct of the promissory himself, ..... therefore a reference to the said various paragraphs would clearly bring out that there is a. marked distinction between letters of credit, contracts of guarantee and contracts of indemnity. the said supreme court case involved only a letter of credit. therefore the reliance placed by the learned counsel shri sundara swamy on ..... dependent on a third person's default. a promise to be primarily and independently liable is not a guarantee, though it may be an indemnity. in a contract of guarantee there have to be three parties; (1) a principal debtor whose liability may be actual or prospective, (2) a creditor ..... or by the conduct of any other person, is called a contract of indemnity- 'section 125 of the contract act reads as: - the promise in a contract of indemnity, acting within the scope of his authority, is entitled to) recover from the promissory- (1) all ..... said rulings referred to by both the advocates, it is necessary to find out the meaning of the words(i) letter of credit;(ii) contract of guarantee; and(iii) contract of indemnity.16. the learned author h.p. sheldon his practice and law of- banking, 8th edition (revised) has stated as: i 'letter .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-03-1986
Reported in : AIR1986Cal356
..... court judgment in the case of united 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 a case is whether the ..... are merely instruments to reimburse. it is not even a contract of indemnity. he has submitted that irrespective of the expressions 'guarantee' or 'indemnity' used from time to time on behalf of the appellant-petitioner, it is the substance and not the form which is to be looked into ..... sometimes as bank guarantees, sometimes as indemnities and sometimes as both. mr. mitra has submitted that these are not bank guarantees at all. these ..... which provides as follows :'24. contract of idemnity defined -- a contract by which one party promises to save the other from loss caused to him by theconduct of the promisor himself, or by the conduct of any other person, is called a 'contract of indemnity'.'in the plaint and various petitions and affidavits filed on behalf of his clients, these instruments have been described .....Tag this Judgment!
Court : Kerala
Decided on : Nov-20-1986
Reported in : (1987)IILLJ311Ker
..... -contractor in the relationship of principal to contractor?... the contractor referred to in section 12(2) is the contractor who contracts directly with the principal as defined in section 12(1). if therefore there is any further subletting of the contract, an indemnity cannot be obtained under the act and must be sought by recourse to the civil court....so stating the court ..... second category that where the principal's contractor is liable to pay compensation or to indemnify the principal, as provided under the sub. section, such contractor can in turn seek indemnity from his own contractor, who in relation to the principal, stands as a subcontractor, and who, being the immediate employer of the workman, is in terms of section 3, liable ..... to him in the relation of a contractor from whom the workman could have recovered compensation) and all questions us lo the right to and the amount of any such indemnity shall, in default of agreement, be settled by the commissioner.(3) nothing in this section shall be construed as preventing a workman from recovering compensation from the contractor instead of ..... held that the indemnity provided under section 12(2) was restricted to one indemnity, namely, between the principal and the original contractor.8. almost immediately after these .....Tag this Judgment!
Court : Guwahati
Decided on : Aug-19-1986
..... insured is in a position to enlighten us in this regard.8. it is common knowledge that in its main features a motor insurance contract is a contract of indemnity. in so far as motor insurance is concerned, for the insurance of the vehicle as a specie of property insurance, or the insurance ..... the happening of certain events. the insurance policy is the document in which is contained the terms of the contract. insurance is a contract uberrimae fidei (of the utmost good faith) and of indemnity only, except in case of life and accident insurance, when an agreed sum is payable. while in insurance ..... the ordinary principles of these classes of insurance are applicable. however, in so far as clauses providing for insurance cover not in the nature of indemnity, for example, for the death or disablement of the assured himself are concerned, a general principle of life insurance or personal accident insurance will apply ..... in this form. in a motor insurance policy under the act, its contractual element should not be lost sight of. basically it is a contract and the two minds were 'ad idem' oh the liability undertaken. statute has intervened to make the insurance against third party liability compulsory and ..... there is privity, of contract between the insurer and the assured, in the case of a motor vehicle insurance in india, a statutory element .....Tag this Judgment!
Court : Gujarat
Decided on : Dec-23-1986
Reported in : II(1987)ACC80; AIR1988Guj13; (1987)1GLR559
..... driver and on that basis on the principle of vicarious liability, against the owners of such motor ve6icts and the insurance companies which would step in on the basis of contract of indemnity and also on account of the statutory liability as laid down by the motor vehicles act. it is not as if that claims for compensation would lie even in ..... owner of the motor vehicle have first to be held to be responsible on the basis of tortuous liability for the accident and then only insurer would come in via contract of indemnity or on account of its statutory obligation under s. 95 read with s. 96 of the act. consequently, even though the later part of s., 110-b prior to .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Oct-18-1986
Reported in : II(1987)ACC28
..... case of other passengers not falling under clause (ii) of the proviso, though there is no compulsory insurance, the company may enter into a special contract of indemnity. the supreme court, in pushpa bai's case (supra) observed :the insurer can always take policies covering risks which are not covered by the ..... administrative or penal action, against the person owning the permit or using the vehicle, to be taken by the authority granting permit. but as between the contracting parties i.e., the owner of the vehicle and the insurance company, it will have no bearing. it has been held in abdul jabbar v. ..... implied in the consideration paid for carriage of goods,-our high court has considered the owner of the goods as a person carried under a contract of employment whatever be the reasoning, all the above high courts hold the insurance company liable under the act-policy under clause (ii) of ..... owners of the goods vehicles have been brought in under the act-policy, provided they came under the held 'passengers carried for hire or reward or contract of employment'. these cases and the reasoning therefor are interconnected.21. this clause (ii) of the proviso to section 95(1)(b) being in ..... requirements of section 95.on the facts of that case, the passenger being one carried gratuitously, and there being a special contract of insurance for rs. 15 .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jul-17-1986
Reported in : AIR1986SC1863; (1986)58CTR(SC)164; 161ITR768(SC); 1986(2)SCALE54; 1986Supp(1)SCC375; 3SCR315
..... of property as he thought fit, whether exercisable by instrument inter vivos or by will or both. a personal accident policy was not a contract of indemnity. the amount payable on death of the insured was fixed in the policy itself. it was in the contemplation of the parties even at the ..... time of the contract that in the case of death the amount would be payable either to the nominee or the legal representative and not to ..... of bargain and sale. it includes goodwil, trade marks, licences to use a patent, book debts, options to purchase, life policies and other rights under a contract. an annuity secured only by a personal undertaking was not, however, treated as property; nor was a revocable licence, according to that dictionary.30. the ..... limb was an interest in expectancy and it would have been in interest in presenti the moment the accident occurred resulting in loss of limb. the contract of insurance contained in the two relevant policies conferred on the deceased the benefit of the policies, namely, the right to exact a particular amount ..... legal representatives in case of loss as a result of accident. it, therefore, could not be said that the deceased had never any interest in the contracts of insurance contained in the said two policies and money payable thereunder. to this extent, the gujarat high court dissented from the madras high court's .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Feb-22-1986
Reported in : AIR1987MP71; 65CompCas783(MP); 1987MPLJ328
..... , any such employee.'the provision aforequoted explicitly accepts the requirement of a policy in the cases contemplated thereunder, and it has also not excluded the insurer from entering into a contract of indemnity to cover circumstances and conditions embraced by the provision. indeed, because of this statutory entitlement, an employee or his legal representatives is/are entitled to exercise option under section ..... his legal liability under the workmen's compensation act.' herein also, i do not read any limit of liability being explicitly reserved by the insurer by the tennis of the contract that is entered with the owner of the motor vehicle.6. shri haswani, counsel appearing for the claimants, on the other hand, has strongly urged that the view taken by ..... shall not be required--(ii) except where the vehicle is a vehicle in which passengers are carried for hire or reward or by reason of or in pursuance of a contract of employment, to cover liability in respect of the death of or bodily injury to person being carried in or upon or entering or mounting or alighting from the vehicle .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Aug-29-1986
Reported in : (1986)90PLR595
..... transfer of the insurance certificate and policy in favour of the transferee. the insurer cannot avoid its liability unless it has affirmatively declined to agree to the novation of the contract of indemnity. in bhagwanti's case  acj 349, again the facts were similar. the vehicle was transferred by the original owner to the transferee in december, 1977. a letter dated .....Tag this Judgment!