Ruchi Rai & Mihika Singh, LLB, Symbiosis Law School, Pune 1. ABSTRACT Indemnity contracts are important for risk-sharing in modern commerce. However, Sections 124 and 125 of the Indian Contract Act, 1872, remain confined to a rigid definition that fails to meet contemporary needs. This research paper critically examines these statutory provisions, identifying three major legal gaps that expose commercial parties to unjustified risk. First, the Act fails to recognise implied contracts of...