- This is launched by the Union Minister of Road, Transport and Highways, Shri. Nitin Gadkari.
- This bond is launched for Infrastructure projects.
- This bond will reduce the dependence of infra developers on bank guarantees.
- This surety bond is launched by the Bajaj Allianz General Insurance company.
- This will help in improve road connectivity and increase employment opportunities.
- A surety bond is a tool for the Principal and shields the Principle from the losses that may arise in case the contractor fails to perform their contractual obligation.
- The insurance company will provide security arrangements for principal and infrastructure projects.
- The principle can be claimed by the insurance company if the contractor doesn’t fulfill the requirement.
Question:
Q.1 The first surety Insurance Bond in India is launched by?a. Nirmala Sitharaman
b. Nitin Gadkari
c. Jaishankar
d. Amit Shah
