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Abstract:
Purpose- The goal of the research being conducted on the subject of the contract of indemnity in the context of the COVID-19 pandemic is to gain an understanding of the degree to which this type of legal arrangement can be utilized to help reduce the amount of financial damage that is experienced by companies and individuals.
Design/Methodology/Approach – There was a substantial amount of work done in secondary research, and references from a wide variety of publications and research papers were used. Extensive research and review of the material at hand ensured that the results were reliable and precise.
Research Implication – Organizations, people, insurance companies, and lawmakers are affected by COVID-19 contract indemnification research. Indemnity contracts during the epidemic can be advised on by the study. Insurance companies can use the data to build new risk-covering policies. Policymakers can use the study to understand indemnity contract law and propose effective use policies.
Findings – This research paper first discusses insurance contracts and their potential use in pandemics. Second, it examines the legal and regulatory structure that governs indemnity contracts in India. This knowledge can help lawmakers decide if indemnity contracts need regulation to be used efficiently. Thirdly, the study explains the challenges of upholding indemnification contracts during the pandemic, warning firms and individuals of their risks. The study also compares the Indian situation to those of other nations that indemnify public or private firms to show what steps Indian governments can take and whether they are feasible in the Indian scenario.
Originality/Value - This research makes a unique contribution of establishing various factors and elements that showcase the scope and application of Indemnity Contracts during COVID-19 in India.
Keywords – COVID-19, Indemnity Contracts, Scope, Application, India.
Introduction:
In China, there was an epidemic of a virus that might potentially be fatal in the month of December 2019. It was initially discovered in Wuhan, China, where it was given the name coronavirus. This virus began to spread throughout the entire world at the beginning of the following year, which resulted in a pandemic that has persisted up until the present day. According to the information that was published by the Ministry of Health and Family Welfare in India, the virus is spreading at an alarming rate, with the states of Maharashtra, Delhi, and Gujarat being the ones that are being affected the most. After leaving a trail of death in its wake, medical professionals quickly understood the urgent need for an efficient vaccination, and efforts were made toward developing such a vaccine all across the world by researchers from a variety of disciplines. Today, various vaccinations are available against coronavirus. A second wave of devastation has left India with a population that has lost all hope and an economy that is in shambles.
India experienced a catastrophe that had never been seen before, as there were almost 400,000 cases every day. If timely action is not taken to address this catastrophe, there is a strong possibility that it may occur again. One of these ways is to vaccinate every single person in the population. However, considering that there have only been 150 million doses of the vaccine distributed so far, it may be unrealistic to expect that the entire population will eventually be immunized.
The only two vaccinations that are now available in India are called COVISHIELD and COVAXIN. Both of these vaccines are made locally in India. However, the Indian manufacturers can only produce a limited number of vaccinations at a time. One of the many reasons why barely 2% of the whole population of the country has received all of their vaccinations is because of this. Importing vaccines from companies like Pfizer and Moderna that are based in other countries is the most practical solution for addressing this chaos. However, both Pfizer and Moderna have certain qualms about selling their vaccines in India. These reservations are based on ethical concerns.
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