Differences Between Guarantee And Indemnity Agreement

As a general rule, the buyer will demand that he respond on a solidary basis, as this will give the buyer the greatest possible flexibility to assert his rights. It is also customary for sellers to conclude a contribution contract in which they undertake among themselves to share responsibility in certain shares. A form of potential contract in which one party promises the other party to make reparation for the loss or damage it has suffered as a result of the conduct of the first party or another person is called a compensation agreement. The number of parties in the contract is two, one that promises to compensate the other party, is compensable, while the other, whose loss is compensated, is known as compensated. Warranties and indemnities are forms of contractual protection provided by a seller in a sales contract. . . .