What do you understand by contracts of indemnity and contracts of guarantee? Compare and contrast the two.

Contract of indemnity

there are 2 parties indemnifier and indemnity holder.
there is 1 contract between indemnifier and indemnified.
the nature of liability of indemnifier is primary and independent
in a contract of indemnity, the indemnifier promises without the request of debtor.
a contract of indemnify is for reimbursement.

Contract of Guarantee

there are 3 parties Creditor, Principal Debtor And Surety.
there are 3 contracts between creditor and principal, principal and surety, surety and creditor.
Liability of surety is Secondary.
contract of Guarantee is for security of a debt or performance of promise.

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