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 ....
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