{"id":86575,"date":"2020-07-04T18:07:13","date_gmt":"2020-07-04T12:37:13","guid":{"rendered":"https:\/\/factly.forumias.com\/?p=16218"},"modified":"2020-07-04T18:07:13","modified_gmt":"2020-07-04T12:37:13","slug":"irdai-committee-to-examine-surety-bonds-for-road-contracts","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/irdai-committee-to-examine-surety-bonds-for-road-contracts\/","title":{"rendered":"Irdai committee to examine Surety Bonds for road contracts"},"content":{"rendered":"\n<p><strong>News:<\/strong> 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.<\/p>\n\n\n\n<p><strong>Facts:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Surety Bond: <\/strong>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.&nbsp;<\/li><li><strong>Significance: <\/strong>Surety bonds provide financial guarantee that contracts will be completed according to predefined and mutual terms.When a principal breaks a bond\u2019s terms, the harmed party(obligee) can make a claim on the bond to recover losses.<\/li><li><strong>Why Surety Bond in the Road Sector? <\/strong>Surety bonds in the road sector guarantees satisfactory completion of a project by a contractor and provide performance security to various government agencies.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/irdai-committee-to-examine-surety-bonds-for-road-contracts\/\">Continue reading <span class=\"screen-reader-text\">Irdai committee to examine Surety Bonds for road contracts<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3216,4137],"class_list":["post-86575","post","type-post","status-publish","format-standard","hentry","category-economy","tag-irdai","tag-surety-bonds","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704888498},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=86575"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86575\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}