Surety Bonds Explained || Budget 2022-23 || Economy Key Concept Series#suretybonds #upscexam #upsc

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If you’re wondering what a surety bond is, you’ve come to the right place. I’m Tushant yadav, and I’ll be explaining what surety bonds are, how they work and who needs them.

A basic definition explains that a surety bond brings three parties together in a legally binding agreement. These three parties are known as the principal, obligee, and surety. First, we have the principal, which is the professional or business that much purchase the bond. When a principal purchases the bond they provide a financial guarantee and prove their ability to follow certain laws and regulations. Second, we have the obligee which is the party that requires the principal to purchase the bond. The obligee is usually a government agency that uses surety bonds to regulate an industry and protect consumers from financial loss. Finally we have the surety, which is the insurance company that guarantees the bond. The surety provides a financial guarantee that the principal will fulfill the bonds obligations. If the bonded principal doesn’t fulfill the bond’s terms, the the obligee can make a claim against the bond to collect reparation for damages. If the claim is found to be valid, the surety will reimburse the obligee.

Surety Bonds Explained || Budget 2022-23 || Economy Key Concept Series

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Комментарии

Thank you sir.. i m pretty SURE that this SURETY BOND has been understood SURELY.
Sir i hv a question, bank guarantee ke case me collateral ke through pay karte the banks, but surety bonds me bhi yadi loss hua to company pay to karegi hi & wo khud loss me jaakr to nahi karegi sir, uske liye ₹ kahan se aayga unke paas?

_amalrai

सर आपने तो जैसे समझाया की दुबारा किसी से समझने कि जरूरत ही नहीं , आपको दिल से धन्यवाद सर,
और कृपा कर यह भी बता दे कौन- कौन इंसुरेंशा कम्पनी करता है सर

sanjayKumar-oskh

I love you sir, simple se smaja diya ki ab yeh dimag nikalega nahi ❤️❤️😂😂😂🙏🙏

TonoLord

Very good explanation sir bhut easily smjha diya

Priyankaguleria

You explanation skills are at top notch ❤️❤️

tiwari.akshat

Sir thnks aps acha abhi tk kisi n explain nhi kia ... 👍👍

bhawnasukhija

Gotta say, this explanation is pretty impressive!

rupaljaiswal

Thanks a lot sir for explaining this topic in detail❤

arshadrangrez

Concept cleared in one go, seeing your video for THE first time and you are outstanding...

chandrashekhar

Sir Please start Vision monthly/ PT 365 Economy Current Affairs series, you explain so well sir please 🙏

zea

i couldnt solve 2 questions on surety bonds. i just searched surety bonds on youtube and your video popped up. i am much more satisfied by your explaination. thank you just isnt enough. lots of power to you Sir.

Mrinal