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  •  In a contract of indemnity, who assumes the responsibility for any financial or legal consequences arisin

 In a contract of indemnity, who assumes the responsibility for any financial or legal consequences arising from specified events or actions?

Option: 1

Both parties equally share the responsibility.


Option: 2

The party receiving indemnity assumes the responsibility.


Option: 3

The party providing indemnity assumes the responsibility.


Option: 4

The responsibility is not specified in a contract of indemnity.


Answers (1)

best_answer

In a contract of indemnity, one party agrees to compensate the other party for any loss or damage incurred. This means that the party providing indemnity assumes the responsibility for any financial or legal consequences arising from the specified events or actions. The purpose of a contract of indemnity is to protect one party from financial losses by transferring the risk to the other party. Hence correct option is c.

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