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| Performance Bond |
Policy indemnifies the 'Employer' for an agreed sum if the 'Contractor' (insured) fails to discharge the duties specified in the contract agreement. In other words, the insured failed to perform, hence, the heading. However, before such a risk is undertaken, approval from higher authority is essential, collateral security such as Certificate of Occupancy, original share certificates, etc or equivalent to the value of the bond must be assigned to the Company.
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| Advance Payment |
Indemnifies the 'employer' for an agreed sum if the employer fails to utilize the 'advance amount' for the purpose for which it is granted/failed to observe the terms, conditions and exceptions under which such advance payment is granted. Conditions for acceptance as stated above.
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AUTOMOBILE INSURANCE