Report No. 13
Section 124.- For section 124 of the principal Act, the following section shall be substituted, namely:-
"124, "Contract of indemnity" defined.
A contract by which one party promises, expressly or impliedly, to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person or by any event not depending on such conduct, is called a "contract of indemnity."