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News: Insurance Regulatory and Development Authority(IRDAI) has formed a panel under G Srinivasan to assess the suitability of the Indian insurance industry or any other sector to offer Surety Bonds for road contracts in the country.
Facts:
- Surety Bond: It is a three-party agreement that legally binds together a principal who needs the bond, an obligee who requires the bond and a surety company that sells the bond.
- Significance: Surety bonds provide financial guarantee that contracts will be completed according to predefined and mutual terms.When a principal breaks a bond’s terms, the harmed party(obligee) can make a claim on the bond to recover losses.
- Why Surety Bond in the Road Sector? Surety bonds in the road sector guarantees satisfactory completion of a project by a contractor and provide performance security to various government agencies.
