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In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
A letter of comfort, sometimes called a "letter of intent", is a communication from a party to a contract to the other party that indicates an initial willingness to enter into a contractual obligation absent the elements of a legally enforceable contract. The objective is to create a morally binding but not legally binding assurance.
The bond typically includes an indemnity agreement whereby the principal contractor or others agree to indemnify the surety if there is a loss. [19] In the United States, the Small Business Administration may guaranty surety bonds; in 2013 the eligible contract tripled to $6.5 million. [20]
The Philippine Deposit Insurance Corporation (Filipino: Korporasyon ng Pilipinas sa Seguro ng Deposito, [1] abbreviated as PDIC) is a Philippine government-run deposit insurance fund. It was established on June 22, 1963, by Republic Act 3591. It guarantees deposits up to ₱500,000. [2]
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The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks.As of September 30, 2022, [1] there were 45 universal and commercial banks, [2] 44 savings banks, [3] 400 rural and cooperative banks, [4] 40 credit unions and 6,267 non-banks with quasi-banking functions, all licensed by the Bangko Sentral ...
The Philippine foreign ministry denounced as "illegal and aggressive" China's actions during a routine resupply mission on June 17, which the Philippine military said had severely injured a navy ...
Equitable PCI Bank, Inc. (PSE: EPCI) was one of the largest banks in the Philippines, being the third-largest bank in terms of assets. It was the largest bank before it was overtaken by Metrobank in 1995. It is the result of the merger of Equitable Banking Corporation and Philippine Commercial International Bank or PCIBank.