Chola MS Surety Bond Insurance provides financial assurance to project owners and beneficiaries against losses arising from a contractor's inability or failure to fulfil contractual obligations. The policy is designed to support infrastructure and commercial projects by guaranteeing performance under a valid contract.
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Chola MS Surety Bond Insurance provides protection against contractor default, insolvency, non-performance, and breach of contractual obligations as specified under the insured contract.
Provides assurance that the bidder will honour the bid terms and execute the contract upon award. The beneficiary may invoke the bond if the bidder withdraws the bid or refuses to execute the contract after selection.
Protects advance payments released to the contractor and provides compensation if the advance amount is not utilised in accordance with contractual obligations.
Provides financial protection when the contractor fails to perform or fulfil contractual obligations as agreed under the contract.
Acts as an alternative to retention money withheld by the beneficiary and guarantees the contractor's performance during the maintenance or defect liability period.
This Surety Bond Insurance will not apply in the following situations:
Note: Please refer to the policy wording for the complete list of exclusions, terms, and conditions.
Documents required at the time of claim may include:
Insurance
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