The Indian Contracts Act defines Guarantee as a contract in which one promises to discharge the liability of the other upon the default of the latter. Creditor, debtor and the surety are the three parties to the contract of guarantee. This contract is formed by the consent of the all the three parties to the contract. Guarantee contract may be oral or written. The contract of guarantee is of different types depending on the contract’s contents and the nature of the same. Here under are the different types of guarantee contracts.
A company is an entity basically formed by group of individuals. It is a place of work formed by following a set of rules and regulation formulated by the state. After all the formalities are fulfilled by the promoters of the business, the registrar of companies issue the Certificate of Incorporation. Post that, the company is formed and business commences. Here under mentioned are some necessary documents needed for the formation of the company.
Labels: Company Law
Premium is a payment or a consideration, may be kind, paid to the insurer by the insured for the risk undertaken by the former. Usually, the premium is paid in the form of cash. The Premium is fixed by the insurer. The insurer takes into account the contributions he would receive and the average losses that could possibly occur while coming to an estimation while fixing the premium. The insurer takes into account his profits too into the account apart from contributions and other losses while fixing the premium to be paid by the insured.
Fire Insurance contract is an insurance policy where insurer agrees to make good the loss of the insured that occurs out of a fire accident that it was during a period that was specified. The contract of fire insurance contains the maximum sum that can be claimed by the insured. It is important to note that in this contract of insurance, only the loss is paid by the insurer to the insured but not the maximum amount specified in the contract made in between the insurer and the insured. The maximum assured sum is paid only when the loss is more than the specified amount according to the contract. The fire insurance policies are of different types and they were specified here under.