Surety Bonds Explained || Budget 2022-23 || Economy Key Concept Series
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- Опубликовано: 30 сен 2024
- 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.
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Surety Bonds Explained || Budget 2022-23 || Economy Key Concept Series
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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?
Nice question ... thankyou for asking ..you have applied your brain...answer to this question is Insurance sector will first check the credibility of the contractor , his past record and then only issue Surety bond Which means insurance sector will only issue bonds after they get satisfied by the past work of contractor .But yes Risk is there but a very minimal one .
@@HOPETushant got it sir.. i also thought this so... Thank you🙏
@@HOPETushant this means, normal contractors will have a hard time taking benefit of the same. I guess only bigger player in the sector will get the most out it.
@@HOPETushant Sir with all due respect I am not satisfied with this answer.
Firstly , Past record and everything is examined even when a bank issues BG too.
Secondly, This scrutiny and verification is NOT ENOUGH when there is HUGE MONEY AT STAKE...because many experienced and wealthy players with a lot of Goodwill too have been doomed and made losses.
Please if you could clarify these two pointers of mine.
You explanation skills are at top notch ❤️❤️
I love you sir, itnaaaaaaaa simple se smaja diya ki ab yeh dimag nikalega nahi ❤️❤️😂😂😂🙏🙏
Very good explanation sir bhut easily smjha diya
Thankyou
Very well explained sir 💯💯
Lekin agar contractor ne project ki quality achhi na rakhi ho to govt. Will claim and after getting it checked the insurance company is bound to pay the amount. In that case how will insurance company recover it's amount???
Sir Please start Vision monthly/ PT 365 Economy Current Affairs series, you explain so well sir please 🙏
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
Could u plz provode economy_finance playlist
Good explanation Yadav ji🙏
Sir , isme insurance company ka kya faaeda hua ? Is it only insurance premiums jo milega from contractors ?
Pr sir ek doubt h agr contractor n shi s kam nhi kia to insurance company kyu or kha s itna loss bhregi bcs if in 95 casses claim is not right but there can b a chace claim can be right so what will be the solution then ??
Gotta say, this explanation is pretty impressive!
Thanks a lot sir for explaining this topic in detail❤
Superb best explanation
Cola very de❤😅 good explanation
Superb explanation sir 🌹
Sir ye kon si insurance company deti hai
Economics mtlb tushant yadav ❤
Only🙏 for explanation
So nice and easy way of explain...
Sir thnks aps acha abhi tk kisi n explain nhi kia ... 👍👍
Tremendous explanation sir thanks from depth of my heart 💖 great great great and easy
Thankyou 😊🙏😊
जय श्री राम हर हर महादेव
Thanks alot Sir
Thank you
Why this kolaveri-d 😂 amazing explanation Sir ji.. 🙏
😂
Thank you so much sir...
Concept clarity is understood..
.....keep continuing sir.... 😇😇😇😇😇😇😇😇😇😇
Thankyou 🙏🙏😊
Thank you Sir
Sir thanks for the class .....
I was reading eco survey the other day .... I found the the term VRRR , I understood what it means but didn't get what benefit RBI will get out of it.,can u Plz explain it in a video
I will do economic Survey analysis and will analyse this thing as well
It's Market directed rate which depends upon the Market Forces...on Reverse Repo(either Fixed FRRR or Variable VRRR) the banks earn the interest....So if the Market supposedly goes down and RBI keeps giving the Interest at a Fixed Rate it will be a little extra regressed system for RBI...Hence VRRR came into the role play.
Sir but why will the Insurance Sector make up for the loss (since there is no collateral) ??
Practical....banks keep a small of collateral in the form of FD i.e 10-30%
Conditions - the company should be crisil A rated and above
Usage of the surety bonds needs to be disclosed, assessment of risk takes place...then give approval.
In recent times, even big players are having a hard time getting BG sanctioned from the bank...
That's why this concept was introduced.....
Just for information....SBI insurance does provide Surety bonds.
Thank u sir ❤
Ghuss gaya mind me🙏❤️
That's great 😊😊😊
So helpful ! Thnku
Solid😊
Wow❤
Maza aa gya sir... 👍
😃😃😃😃
Wow sir after completing entire economy series.... these ADD ON proved very useful. Thanku so much
That's why i say in all lectures please complete Indian Economy course ...jab tak koi krta nhi hai tab yak importance smjhta hi nhi .... thankyou aap smjh gye 🙏😊🎉
👍
Best explanation I have ever seen😁after watching so many videos on a single topic.
Now I know I have on stop source of information on economy. Thank you so much sir😇😇🙌
Thankyou Poonam 😊🙏
Very deep understanding.Thank you sir
Thankyou 🙏
Sir,U are with us. So no need to watch any economic video except urs
Haha Chandan ...ye bhi thik hai 😊😊👍
Concept cleared in one go, seeing your video for THE first time and you are outstanding...
thank you sir.
just one correction, at 6: 57 min the table shows surety bond has to be renewed periodically and opposite of it later in the video.
Thanku so much Sir😇
Thankyou 😊😊🙏
Thnku sir 🙏🙏
Words are less
Thankyou 😊😊
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.
Sir ap daily ke current affairs ka series chalu kro n plss..ap bhot detail way me expalin krto ho
Haha ...Sonali Right now i don't have that much time but in future i will see !!
Thankyou 😊😊
@@HOPETushant k sir
🙌🙌
Ur best of health and spirit 🙏 awesome start
Very nicely explained. Keep it up bro .
very easy to understand video,thankyou so much
thanks sir,,explained in very easy way
You are truly an angel for us. Thank you so much sir🙏😍
Good teaching skill
Best vido on surety bonds on this platform....
Thank you so much sir !!
Thankyou Mayank 😊🙏
Great explained 👍👍
I just watched 30 sec and subscribed ...u will grow very soon brother all the best.
Thankyou 😊😊🙏
Thank you Tushant sir. When I watched your videos on RUclips. It was like economics is not bouring as it has been said. Keep on this incredible effort. We respect your initiative. 👌👌👌👌👌👌👌👌👌
Thankyou shiv Pratap 😊😊🙏
Thankyou sir
Excellent 👍
Nice 👍👍