Harsh Yogiraj

Meaning of Indemnity: The term 'indemnity' means to make good the loss or to compensate the party who has suffered some loss. The Contract of Indemnity and Contract of Guarantee are specific types of Contract. The specific provisions relating to these contracts are contained in Sections124 to 147 of the Indian Contract Act, 1872. In addition to these specific provisions, the general principles of contracts are also applicable to such specific contracts. Contract of indemnity [Section 124] Definition: A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a “contract of indemnity”. Illustration A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of 200 rupees. This is a contract of indemnity. Meaning of Indemnifier and Indemnity-holder The person who promises to make good the loss ...

The Indian Contract Act brings within its ambit the contractual rights that have been granted to the citizens of India. It endows rights, duties and obligations on the contracting parties to help them to successfully conclude business- from everyday life transactions to evidencing the businesses of multi-national companies. The Indian Contract Act, 1872 was enacted on 25th April, 1872 and subsequently came into force on the first day of September 1872. The essence of the India Contract Act has been modeled on that of the English Common Law. It is one of the most important legislation ever drafted by Britishers and the principles enacted therein are nothing but the codification of the general principle governing transactional relationship because of which it has seen seldom amendments. Before the act was enacted , the contractual relationship was governed by the personal laws of different religious communities like different laws for Hindu and Muslims. Now, to understand the con...

Preamble —WHEREAS it is expedient to define and amend certain parts of the law relating to contracts; It is hereby enacted as follows:— PRELIMINARY 1. Short title. —This Act may be called the Indian Contract Act, 1872. Extent, Commencement. —It extends to the whole of India 2[ 3***]; and it shall come into force on the first day of September, 1872. Saving —4*** Nothing herein contained shall affect the provisions of any Statute, Act or Regulation not hereby expressly repealed, nor any usage or custom of trade, nor any incident of any contract, not inconsistent with the provisions of this Act. Law of contract is the most important and basic part of Mercantile law. It is the foundation for many other laws falling in the category of mercantile laws. It is not only the mercantile or trader but every person who lives in the organised society, consciously or unconsciously enters into contract from sunrise to sunset. When a person hires a taxi, or orders something in ...

This course covers the foundations and principles of Six Sigma and Lean. You'll learn how, when used together, they can enable a system of process control and process design that will transform your business. This course includes the key Lean tools that are used in the typical Six Sigma project, and how they can be integrated into one business process improvement methodology called Lean Six Sigma. Purpose and Goals of Six Sigma What is Six Sigma? It all begins with an important metric. And that metric is Defects Per Million Opportunities or DPMO. DPMO is a scientific measure and a way to calculate the number of potential mistakes or defects we get when we provide a product or service. This DPMO metric sits inside the organizational system within which Six Sigma operates. The next part of this system is called the improvement methodology. And the phrase for that is called DMAIC, which translates as define, measure, analyze, improve and control. This improvement methodology in...