Insurance Surety Bonds in National Highway Contracts
On 15th May, 2024, National Highways Authority of India (NHAI) organised a workshop in New Delhi on implementation of Insurance Surety Bonds (ISB) for NHAI contracts.
- The objective of this workshop was to review the progress made in implementation of Insurance Surety Bonds and encourage participation from the stakeholders for wider adoption of the instrument.
What are Insurance Surety Bonds?
- It is a risk transfer mechanism wherein an insurer provides a guarantee to a beneficiary or obligee that the principal or contractor will meet his contractual obligations.
- In case the principal fails to deliver his promise, a monetary compensation is paid ....
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