Access your Surety Bond details
TATA AIG’s product suite includes the contract bonds permitted under IRDAI guidelines, such as bid performance, advance payment, and retention money bonds. A surety bond is a legally binding agreement between three parties: the creditor (the entity requiring the bond), the principal debtor (the party required to fulfil a certain task or duty), and the surety insurer (the party ensuring that the principal can perform the assignment). The surety bond, which is most typically used in construction and infrastructure projects, guarantees that the principal debtor will meet the commitments indicated in a contract. If the principal debtor fails to meet these obligations, the surety insurer compensates the creditor, reducing their financial risk.
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