What is a surety bond
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Here we described what exactly a surety bond is and how to get a surety bond for your business, including some basics on the parties in a surety bond.
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This document provides an overview of key concepts in Indian contract law, including definitions of a contract, agreement, offer, acceptance, and consideration. It discusses essential elements for a valid contract such as capacity of parties, free consent, certainty, and enforceability. It also covers special types of parties such as minors and their ability to enter into contracts. Specific topics like counter-offers, coercion, and consent are explained in detail with examples.
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The document summarizes key aspects of contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, lawful consideration, capacity of parties to contract, lawful object, and free consent. A contract can be discharged through performance, mutual consent, lapse of time, operation of law, impossibility of performance or breach. In case of breach, the aggrieved party may seek remedies like rescission, damages, specific performance, quantum meruit or injunction.
Business law contract act
The document provides information about a presentation on the Indian Contract Act of 1872. It was presented by several students under the guidance of Prof. Sarita Patil.
The summary discusses the key aspects of a contract according to the Indian Contract Act, including offer and acceptance, consideration, consensus ad idem, capacity of parties, lawful object and consideration, and essential elements. It also covers different types of contracts such as express/implied, valid/void/voidable, and illegal contracts. In under 3 sentences, the document summarizes the essential elements of a valid contract according to the Indian Contract Act and provides an overview of the presentation topics on different types of contracts.
Gautam 23425LLM017.pptx ppt regarding wagering contract
PPT REGARDING LLM ABOUT WAGER CONTRACT.
Wager in simple terms is to gamble. In a wager, two parties are involved, both of them promising to pay a fixed amount on the happening of an uncertain event in the future. The most essential ingredient is that both parties have an equal opportunity to win or lose. Here, parties enter into a contract only for the sole purpose of gaining or losing and do not have any vested interest in the event itself. Hence, wagering contracts can be regarded as betting or gambling contracts. Such contracts are void and unenforceable in courts of law. This article presents an overview of wagering contracts under Indian law.
86_16MBECM5_2020052002345220 (1).pdf
The document provides an introduction to insurance, including its definition, purpose, and key characteristics. It discusses how insurance allows individuals and businesses to protect themselves against significant potential losses by transferring the cost to an insurance company in exchange for premium payments. It also outlines several common types of insurance coverage, such as life insurance, health insurance, property insurance, and liability insurance. Additionally, the document discusses some of the history of insurance in India and provides definitions for important insurance terms.
Insurance for beginners
Welcome to the global business guide. In this context, we will be taking about the insurance industry, the general definition of insurance, adequate and
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Legal aspect in supply chain
The document discusses several key concepts related to legal aspects in supply chains:
1) It defines a contract as an agreement that is enforceable by law, consisting of an offer and acceptance between parties.
2) It explains the difference between an agreement and a contract, where a contract creates legal obligations and is enforceable, while an agreement may not be.
3) It outlines the Sale of Goods Act which regulates contracts for buying and selling goods and establishes default terms if not otherwise agreed.
4) It briefly defines a partnership as an arrangement between individuals or businesses to cooperate and share management and profits.
5) It describes negotiable instruments as transferable documents that promise payment to the bearer
Indemnity and Guarantee 23042022......pptx
The document discusses contracts of indemnity and guarantee under Indian contract law. It defines a contract of indemnity as one where one party promises to save the other from loss caused by the promisor or another person. A contract of guarantee involves three parties - a principal debtor, creditor, and surety where the surety promises to discharge the liability of the principal debtor in case of default. The key differences between the two types of contracts are that indemnity involves two parties while guarantee involves three, and the liability of an indemnifier is primary while a surety's liability is secondary upon the principal debtor's default.
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CONTRACT 2 PRESENTATION ON IMPORTANCE OF SPECIFIC CONTRACT
CONTRACT 2 PRESENTATION ON IMPORTANCE OF SPECIFIC CONTRACT
Difference between Indemnity and Guarantee In Contract Law
Difference between Indemnity and Guarantee In Contract Law
Gautam 23425LLM017.pptx ppt regarding wagering contract
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
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Fabular Frames and the Four Ratio Problem
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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What is a surety bond
- 1. WHAT IS A SURETY BOND? SURETY BONDS ARE AGREEMENTS IN WHICH THE ISSUER OF THE BOND (THE “SURETY”) JOINS WITH ANOTHER PARTY (THE “PRINCIPAL”) IN GUARANTEEING WORK OR PAYMENT TO A THIRD PARTY (THE “OBLIGEE”).
- 2. OBLIGEE: THE PARTY (PERSON, CORPORATION, OR GOVERNMENT AGENCY) TO WHOM A BOND IS GIVEN. THE OBLIGEE IS THE PARTY PROTECTED BY THE BOND. IN CONSTRUCTION, THIS IS TYPICALLY THE OWNER OR THE GENERAL CONTRACTOR. PRINCIPAL: THE INDIVIDUAL (THAT’S YOU) WHO IS REQUIRED TO BE BONDED BY THE OBLIGEE. SURETY: A BOND COMPANY THAT GUARANTEES THE ACTS OF ANOTHER PERSON.
- 3. BID BONDS – A BID BOND GUARANTEES THAT THE BONDING COMPANY (“SURETY”) WILL PROVIDE A PERFORMANCE AND PAYMENT BOND ON BEHALF OF THE PRINCIPAL ONCE THE PRINCIPAL IS AWARDED THE CONTRACT. A CLAIM CAN BE FILED AGAINST THE SURETY IF THEY REFUSE TO WRITE THE PERFORMANCE BOND.
- 4. PERFORMANCE BOND – A PERFORMANCE BOND IS USED ONCE THE CONTRACT IS AWARDED. A PERFORMANCE BOND PROTECTS THE OWNER FROM FINANCIAL LOSS IN THE EVENT THAT THE CONTRACTOR FAILS TO PERFORM THE CONTRACT IN ACCORDANCE WITH ITS TERMS AND CONDITIONS. MOST PERFORMANCE BONDS INCLUDE A PROVISION THAT COVERS WORKMANSHIP OF THE PROJECT FOR ONE YEAR AFTER COMPLETION. A PERFORMANCE BOND IS TYPICALLY INCLUDED WITH A PAYMENT BOND.
- 5. PAYMENT BOND – A PAYMENT BOND, ALSO KNOWN AS A MATERIAL AND LABOR BOND, PROTECTS CERTAIN SPECIFIED TIERS OF SUBCONTRACTORS, MATERIAL SUPPLIERS, AND LABORERS AGAINST THE CONTRACTOR NOT PAYING. IN GENERAL, THESE CLAIMANTS HAVE A TENDENCY TO LOOK TO GET PAID DIRECTLY BY THE SURETY COMPANY PURSUANT TO THE TERMS OF THE PAYMENT BOND.