A person or corporate body placing a contract requires protection against failure of the contractor to carry out his obligation as specified in the terms of the contract. The insurance bond is the most common method of protection.
The insurance bond is an undertaking by the insurer to accept responsibility for performance of the contractual obligation.
Types of Bonds:
a. Performance Bond
b. Advance Payment Bond
c. Tender for Bid Bond
d. Customs Bond
e. Supply Bond
f. Counter Indemnity/Guarantee Bond.
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