A bailor is defined as the individual who entrusts goods to another party, known as the bailee, under a bailment agreement for purposes such as safekeeping, transportation, or repair. The bailor maintains ownership of the goods and possesses certain rights under the bailment contract to ensure the protection and proper management of their property. The … Read more
A Pledgee is the entity involved in a pledge agreement that receives goods or assets as collateral for a loan or obligation. The pledgee is entrusted with certain duties to ensure the proper preservation and management of the pledged items. The following outlines the primary duties of a pledgee: Duty to Exercise Due Care for … Read more
A surety involved in a guarantee contract may be released from their obligations under certain conditions. These conditions are designed to safeguard the surety from unjust responsibilities while ensuring that both the creditor and the principal debtor fulfill their duties. The following outlines the primary methods by which a surety can be released from the … Read more
The term finder of lost goods designates an individual who comes across and takes possession of items that belong to another individual, without any prior ownership or claim to those items. Legal provisions delineate specific rights and responsibilities for the finder, ensuring that the legitimate owner can recover the items while also safeguarding the interests … Read more
RIGHTS OF PLEDGER Right to Seek Damages: The Pledger is entitled to seek compensation for any damages resulting from the negligence of the Pledgee. Additionally, the Pledger may claim damages that arise from any unauthorized use of the pledged items. Right to Request Return of Goods: The Pledger has the right to reclaim the pledged … Read more
The rights of a surety in relation to co-sureties pertain to the legal safeguards available when multiple sureties are involved in securing the same obligation. These rights are designed to prevent any surety from shouldering more than their equitable share of the debt and to allow them to seek reimbursement or contribution from co-sureties if … Read more
The rights of a surety in relation to the principal debtor serve as essential safeguards, ensuring that the surety is not unduly encumbered when discharging the principal debtor’s obligations. These rights empower the surety to reclaim any amounts disbursed, seek restitution, and be relieved of liability under specific circumstances, such as when the principal debtor … Read more
A surety is an individual who provides a guarantee for the performance or repayment of a debt or obligation owed by another party, known as the principal debtor, in the event that the principal debtor defaults. The Rights of Surety are safeguarded under the Nepal Contract Act, 2056 (2000). These provisions ensure that the surety … Read more
A contract is a legally binding agreement between two or more individuals or entities, obligating them to perform or refrain from specific actions. As defined by the Supreme Court of Nepal, a contract is characterized as “an agreement of two or more parties with conditions.” In a contract, the involved parties establish their own rights … Read more