Distinguish between a Contract of indemnity and a contract of guarantee.

Contract of indemnity
An indemnity contract is a legal arrangement between two parties in which one party agrees to pay another party for a loss or harm that meets certain requirements and conditions unless other circumstances are specified. It is a form of contingent contract which is characterized by all the essential elements of a valid contract.

• In an indemnity contract, there are only two parties, as stated in:
• The indemnifier:
• The promisor, who agrees to make up the damage caused to the other group, is called the Indemnifier.
   
• The Indemnified:
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