Definition of Indemnitor:
A natural or legal person who normally undertakes to assume the obligations imposed on his guarantee when it is provided in case of default. This is usually because the applicant does not have an acceptable risk under the bond standard.
How to use Indemnitor in a sentence?
- When Peter signed his son's commercial loan, he had no idea that an accident in the stock market would make his son's business illegal and that he would recover the full amount of the loan.
- His company will work for compensation and I am happy because I know he is reliable and he will do a good job with us.
- When reviewing contracts, ABC Express inspects insurance companies to ensure that they are subject to legal redress for breach of contract.
Meaning of Indemnitor & Indemnitor Definition