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 ....
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Current Affairs
- 1 High-Powered Committee on Ladakh
- 2 Corrupt Practices under Representation of People Act, 1951
- 3 Section 69(A) of Information Technology Act, 2000
- 4 Article 105 of Constitution: The Limits to Free Speech in Parliament
- 5 Special Category Status
- 6 Government sets up Panel on Digital Competition Law
- 7 Guillotine in Parliament
- 8 Rule 357 of Rules of Procedure and Conduct of Business in Lok Sabha
- 9 Delegated Legislation
- 10 Rule 267 of Rajya Sabha Rule Book