Diff between Guarantee and Indemnity

Guarantee:
01. In case of guarantee, there are three parties i.e. the
Creditor (party), the Principal Debtor (in his favour guarantee issued)
and Surety (bank).
02. The liability of surety is secondary.
03. In case of guarantee, there is always existing debt.
04. The guarantor undertakes obligation at the request of
the Principal Debtor.
05. Guarantor can sue the Principal Debtor in case of
Revocation.

Indemnity:
01. In case of indemnity, there are two parties i.e.
Indemnifier (Promisor) and Indemnified (Promisee).
02. The liability of indemnifier is primary.
03. The liability of the indemnifier arises only on the
happening of the event.
04. Indemnity is given without any request, expressed or
implied.
05. Indemnifier cannot sue third parties unless there is the
assignment.