Balancing Freedom Of Contract And Judicial Control: A Critical Analysis Of Indemnity, Limitation Of Liability, And Liquidated Damages Under The Indian Contract Act, 1872

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Riya Saroha, Amity University, Noida

ABSTRACT

Freedom of contract is the fundamental principle of trade and commerce as it enables the parties to freely negotiate their legal relations by agreement. Nevertheless, this freedom of contract should not be unconditional because there is a need to exercise judicial control over contracts in order to avoid any forms of wrongdoings. Therefore, the main purpose of this research paper is to analyse the relationship between the freedom of contract and judicial review in relation to indemnity clauses, limitation of liability clauses, and liquidated damages as defined in the Indian Contract Act, 1872. In order to achieve such an aim, the paper employs the method of statutory interpretation, the analysis of case laws, as well as comparative analysis of relevant laws and case studies.

Keywords: Freedom of Contract, Judicial Control, Indemnity Clause, Limitation of Liability, Liquidated Damages, Indian Contract Act, Section 73, Section 74, Reasonable Compensation, Public Policy.

521. BALANCING FREEDOM OF CONTRACT AND JUDICIAL CONTROL- A CRITICAL ANALYSIS OF INDEMNITY,

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