Section 21
Equal Liability Of Co-sureties
(1) In case two or more person have jointly or separately provided joint guarantee for any loan or liability, and in case the debtor fails to repay the loan or meet the liability, the co-sureties shall repay the loan or meet the liability or the requirements of the contract on an equal basis, except when otherwise provided for in the contract.
(2) In case the guarantee has been provided on a sector wise basis while providing joint guarantee under Sub-section (1), a surety shall be required to meet only the liability for that sector for which he/she has provided the guarantee.
(2) In case the guarantee has been provided on a sector wise basis while providing joint guarantee under Sub-section (1), a surety shall be required to meet only the liability for that sector for which he/she has provided the guarantee.
Contract Act 2056 (2000)
Chapter - 2
Section 3: Person Competent To Conclude ContractsSection 4: Parties To Be AutonomousSection 5: Contract To Be Deemed To Have Been ConcludedSection 6: Place Of ContractSection 7: Processes Of Proposal And Consent To Be Deemed CompletedSection 8: Proposal Or Consent May Be CancelledSection 9: Proposal To Be Deemed CancelledSection 10: Contract According To Proposal Presented Before The PublicSection 11: Indirect ContractSection 12: Contingent Contracts
Chapter - 4
Section 15: Contracts Relating To GuaranteeSection 16: Surety’s LiabilitySection 17: Circumstance In Which Surety Will Be Free From LiabilitySection 18: Relationship Between The Surety And The DebtorsSection 19: Surety To Substitute CreditorSection 20: G Uarantee Related Viable ContractSection 21: Equal Liability Of Co-suretiesSection 22: Contract Relating To IndemnitySection 23: Provision Concerning SubrogationSection 24: Rights Of Subrogator
Chapter - 5
Section 25: Contract Relating To BailmentSection 26: Process Of Bailment To Be Deemed CompletedSection 27: Particulars Of Bailed Property To Be MentionedSection 28: Bailee’s LiabilitySection 29: Bailed Property To Be ReturnedSection 30: Person Bailing Other’s Property To Be Held ResponsibleSection 31: Found Property May Be Kept After Notifying The PoliceSection 32: Property Given For Repair And Maintenance To Be ReturnedSection 33: Bailment ExpensesSection 34: Contract Relating To Bailment To Be Void
Chapter - 6
Section 35: Contracts Relating To Collateral Or DepositSection 36: Collateral Or Deposit To Be ReturnedSection 37: Rights Of Person Obtaining Collateral Or DepositSection 38: Consequences Of Pledging Property Without Sufficient Title As Collateral Or ‘depositSection 39: Creditors To Have Equal Status
Chapter - 7
Section 40: Contract Relating To Sale Of GoodsSection 41: Contract Relating To Sale Of Goods To Be VoidSection 42: Determination Of Price Of GoodsSection 43: Price Of Goods To Be PaidSection 44: Particulars Of GoodsSection 45: Title To Be Deemed To The Goods To Be SoldSection 46: Goods To Be Deemed To Be Of Merchantable QualitySection 47: Sale Through SamplesSection 48: Provisions Concerning Transfer Of Ownership Of GoodsSection 49: Risk To Be BorneSection 50: Buyer’s Right To Inspect GoodsSection 51: Goods To Be Deemed DeliveredSection 52: Time-limit For Delivering GoodsSection 53: Documents Relating To Sold Goods To Be Handed OverSection 54: In The Event Of Delivery Of Goods In A Quality Different From The Contracted QualitySection 55: Special Provisions Concerning Compensation
Chapter - 8
Section 56: Contracts Relating To AgencySection 57: Recognition Of Transaction Made Or Carried Out By An AgentSection 58: Power To Appoint Sub-agentsSection 59: Matters To Be Complied With By AgentSection 60: Agent To Be ResponsibleSection 61: Termination Of AgencySection 62: Prohibition To Remove An AgentSection 63: Agent Prohibited From Giving Up AgencySection 64: Sub-agent Also To Leave If Agent Leaves
Chapter - 9
Section 65: Contracts Relating To TransportationSection 66: Transporter’s ObligationsSection 67: First Transporter To Be Held Responsible In Case Goods Are Transported Through Several Means Of TransportSection 68: Liability Of Transporter To Be LimitedSection 69: Transporters To Be ResponsibleSection 70: Transporter’s Liability To Be Ended
Chapter - 11
Section 74: Obligation Under Contract To Be FulfilledSection 75: Reciprocal Compliance With ContractSection 76: Devolution Of Rights And Liabilities Of ContractSection 77: Person To Execute ContractSection 78: Only The Party Shall Have Right To Execute The ContractSection 79: Contracts Need Not Executed In The Event Of Fundamental Changes In The SituationSection 80: Facilities To Be ProvidedSection 81: Contract May Be Suspended Or Altered
Chapter - 12
Section 82: Breach Of ContractSection 83: Compensation On Breach Of ContractSection 84: Compensation In The Event Of Cancellation Or Termination Of ContractSection 85: Right To Recover A Reasonable AmountSection 86: Execution Of Contract As Stipulated (specific Performance )Section 87: Power Of The Judiciary To Issue Orders