Contract of Indemnity Meaning in Hindi
Compensation may be paid in cash or as reparation or replacement, depending on the terms of the compensation agreement. For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the insurance that the homeowner will be compensated if the home is damaged by fire, natural disasters, or other hazards specified in the insurance contract. In the unfortunate event that the house is severely damaged, the insurance company is required to return the property to its original condition – either through repairs made by licensed contractors or by reimbursing the owner for expenses incurred for such repairs. Compensation is a comprehensive form of insurance compensation for damage or loss. If the term compensation is used in the legal sense, it may also refer to an exclusion of liability for damages. As with any other form of insurance, liability insurance covers the cost of a claim, including but not limited to court costs, fees and settlements. The amount covered by insurance depends on the specific agreement and the cost of insurance depends on many factors, including the history of claims. In contract law, indemnification is a contractual obligation of one party (indemnitor) to make reparation for the damage suffered by the other party as a result of the actions of the person entitled to compensation or another party. As a general rule, but not always, the obligation to compensate is consistent with the contractual obligation to "provide damage and security". On the other hand, a "guarantee" is an obligation of one party that assures the other party that the guarantor will fulfill the third party`s promise in the event of a breach. Thus, the indemnification contract is a special contract in which one contracting party (i.e. the person responsible for the compensation) promises to save the other (i.e. .
B compensated) for damage caused to it by the conduct of the promisor himself or by the conduct of another person. Sections 124 and 125 of the Indian Contract Act 1872 apply to these types of contracts. Compensation means that the other party pays compensation to one party for the loss suffered. Description: Compensation is based on a mutual contract between two parties (one insured and the other insurer), in which one promises the other to compensate the loss against payment of premiums. See also: Performance, Annuity, Insurable Interest, Insurability Compensation clauses can be complicated to negotiate and can lead to increased costs of services due to the increased risk of the contract. A orders B to compensate B for the consequences of a proceeding that C may bring against B in the amount of Rs 200. This is a compensation agreement. Liability insurance is a way for a business (or individual) to obtain protection against claims.
This insurance protects the owner from having to pay the full compensation, even if the owner is responsible for the cause of the compensation. Compensation is a contractual agreement between two parties. In this Agreement, a party agrees to pay for any potential loss or damage caused by another party. A typical example is an insurance contract in which the insurer or the person entitled to compensation agrees to compensate the other (the insured or the person entitled to compensation) for damage or loss in exchange for the premiums paid by the insured to the insurer. With compensation, the insurer compensates the policyholder – that is, promises to make the person or business complete for each loss covered. The practice of deferring expenses for the acquisition of a new business over the life of the insurance contract is called deferred acquisition costs. Description: Acquisition costs are direct and indirect variable expenses incurred by an insurer at the time of the sale or purchase of an insurance contract (new and renewed). The cost can be signed in the form of a brokerage Many companies require liability insurance because lawsuits are common. Daily examples include malpractice insurance commonly used in the medical field and error and injunction (E&O) insurance, which protects companies and their employees from customer claims and applies to all industries. Some companies are also investing in deferred compensation insurance, which protects the money companies expect in the future. Pursuant to section 125 of the Indian Contracts Act, 1872, the following rights are available to the promisor/indemnitee/indemnitee holder against the indemnitee promisor/donor, provided that he has acted within his powers. Hindi Meaning Compensation Contract: Get the meaning and translation of the Hindi language compensation contract with grammar, antonyms, synonyms and sentence uses.
Do you know the answer to the question: What is the meaning of the Hindi clearing contract? Compensation contract ka matalab hindi me kya hai (compensation contract का हिंदी में मतलब ). The compensation contract meaning in Hindi (हिन्दी मे मीनिंग ) is क्षतिपूर्ति संविदा. In 1825, Haiti was forced to pay France what was then called the "debt of independence." The payments were intended to cover the losses that French plantation owners had "suffered" after the loss of land and slaves. While this form of compensation has been incredibly unfair, it is an example of many historical cases that show how compensation has been applied around the world. An act of compensation protects those who have acted unlawfully from punishment. This exception generally applies to officers such as police officers or government officials, who are sometimes forced to commit illegal acts in order to carry out responsibility for their work. Often, such protection is granted to a group of people who have committed an illegal act for the common good, such as the assassination of a well-known dictator or terrorist leader. When an insurance company enters into a reinsurance contract with another insurance company, it is called contract reinsurance.
Description: In the case of contractual reinsurance, the company that sells the insurance policies to another insurance company is called a transferring company. Reinsurance frees up the transferor`s capital and helps to increase the solvency margin. It also allows real estate leases that also include set-off clauses. For example, in the case of a rental property, a tenant is usually liable for damages due to negligence, fines, attorneys` fees, etc., depending on the agreement. Insurance contracts that do not fall within the scope of life insurance are called general insurance. The different forms of general insurance are fire, sea, engine, accident and other miscellaneous non-life insurance. Description: Tangible capital assets are susceptible to damage and there is a need to protect the economic value of the assets. To this end, general insurance products b Another common form of compensation is reparations that a winning country demands from a losing country after a war.
Depending on the amount and amount of compensation due, it can take years or even decades for it to bear fruit. One of the best-known examples is the compensation that Germany paid after its role in the First World War. These repairs were finally reimbursed in 2010, nearly a century after their introduction. The purpose of entering into a compensation contract is to protect the promisor from unforeseen losses. Sometimes the government, a company, or an entire industry has to cover the cost of major problems on behalf of the public, such as disease outbreaks .B. For example, according to Reuters, Congress approved $1 billion to fight an outbreak of bird flu that devastated the U.S. poultry industry in 2014 and 2015. The U.S. Department of Agriculture sent $600 million in cash to eliminate and disinfect the viruses and $200 million in compensation. A indemnification clause is standard in most insurance contracts.
However, what exactly is covered and to what extent depends on the specific agreement. Each given indemnification agreement has a so-called compensation period or a certain duration for which the payment is valid. Similarly, many contracts include a letter of indemnification that guarantees that both parties will comply with the terms of the contract (or compensation must be paid). While compensation agreements have not always had names, they are not a new concept. In the past, compensation arrangements have been used to ensure cooperation between individuals, businesses and governments. Indemnification Agreement मीनिंग: Meaning of compensation agreement in Hindi - Definition and Translation 124. "Indemnification Agreement" Defined - A contract by which one party promises to protect the other against losses suffered by the offender`s own conduct or by the conduct of another person is called a "Compensation Agreement". The promisor or holder of the compensation or indemnity: He is the person whose loss is covered or who is compensated. .