Special contracts are contained in sections 124 to 238 of the Indian Contract Act. These special contracts are Indemnity, Guarantee , Bailment, Pledge and Agency. In this unit we are going to discuss about contract of indemnity, guarantee, bailment and pledge. The contract of indemnity and guarantee are the special types of contract which help from protection against loss in the form of a promise to pay for loss of money or goods. Section 124 to 147 of the Indian Contract Act, 1872 discuss about contract of Indemnity and Guarantee.