Difference Guarantee Vs. Indemnity
Guarantee
|
Indemnity
|
|
1
|
In
case of guarantee, there are three parties i.e. the Creditor (party), the
Principal Debtor (in his favour guarantee issued) and Surety (bank).
|
In
case of indemnity, there are two parties i.e.
Indemnifier
(Promisor) and Indemnified (Promisee).
|
2
|
The
liability of surety is secondary.
|
The
liability of indemnifier is primary.
|
3
|
In
case of guarantee, there is always existing debt.
|
The
liability of the indemnifier arises only on the
happening
of the event.
|
4
|
The
guarantor undertakes obligation at the request of the Principal Debtor.
|
Indemnity
is given without any request, expressed or
implied.
|
5
|
Guarantor
can sue the Principal Debtor in case of Revocation.
|
Indemnifier
cannot sue third parties unless there is the assignment.
|
Source: http://buildupyourbankingknowledge.blogspot.com
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