Surety Insurance Bond
Recently, the National Highways Authority of India (NHAI) organised a brainstorming session with stakeholders to expedite the adoption of Surety Insurance Bonds for its contracts.
- Surety Insurance Bonds can be defined in their simplest form as a written agreement to guarantee compliance, payment, or performance of an act.
- These are instruments where insurance companies act as ‘Surety’ and provide the financial guarantee that the contractor will fulfil its obligation as per the agreed terms.
- It involves a three-party agreement-
- Principal: The party that purchases the bond and undertakes an obligation to perform an act as promised.
- Surety: The insurance company or surety ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content
Already a Member? Login here
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Economy Watch
- 1 Ministry of Mines Classifies Limestone as Major Mineral Completely
- 2 New Initiatives to Boost Infrastructure Growth
- 3 Foreign Currency Settlement System for GIFT IFSC
- 4 Angel Funds: SEBI Extends Timeline to Disclose Allocation Methodology
- 5 RBI Grants Exemption to SWAMIH Fund-I
- 6 World Cotton Day 2025
- 7 First State Mining Readiness Index to Boost Mineral Sector Reforms
- 8 Securities Transaction Tax (STT)
- 9 Sundarbans SAIME Model Wins FAO Global Recognition
- 10 Changes in Per Drop More Crop Scheme: Strengthening Water Conservation and Farmers’ Income
