Surety Bond Insurance
On 19th December, 2022, Ministry of Road Transport & Highways launched one of India’s first-ever Surety Bond Insurance product from Bajaj Allianz.
About Surety Bond
- Surety bonds are a contract or a three-way agreement that are guarantees of payment, which insurers issue. The surety (insurance companies/banks) provides the financial guarantee to the obligee (government) that the principal (contractor) will fulfil their obligations as per the agreed terms.
- In case the contractor does not fulfill the terms then the Principal can claim surety bonds to recover the losses.
- Simply, the surety is provided by an insurance company which acts as a security arrangement ....
Do You Want to Read More?
Subscribe Now
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 before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Related Content
- 1 Scheme for Strengthening Medical Device Industry
- 2 Regulatory Framework for Restricted Return InvITs
- 3 World’s First Co2 to Methanol Plant
- 4 Peak Oil
- 5 India’s Renewable Energy Sector Achieves Significant Growth
- 6 4th Phase of Consolidation of RRBs
- 7 RBI’s Framework for Reclassification of FPI to FDI
- 8 RBI’s 2024 List of Domestic Systemically Important Banks
- 9 Windfall Gain Tax
- 10 National Mission on Natural Farming
- 1 Biofloc Fish Farming Technology
- 2 GI Tag to Agricultural Products
- 3 Share Buyback
- 4 Domestic Systemically Important Banks
- 5 Bharat Bill Payment System
- 6 Amrit Bharat Station Scheme
- 7 Strengthening Multimodal and Integrated Logistics Ecosystem Program
- 8 India’s Startup Boom
- 9 KALYANI FeRRESTA: India’s First Green Steel Brand
