NHAI Organises Workshop For Implementation Of Insurance Security Bond For NHAI Contracts

JSA Advocates and Solicitors is a top-tier, full-service Indian law firm. Established in 1991, at the start of India’s economic liberalisation, the firm has built a strong reputation for handling complex and high-stakes legal and commercial matters. The firm is organised around specialist practice areas and industry sectors. It works closely with leading Indian corporates, Fortune 500 companies, global financial institutions, and government and statutory bodies on important corporate, financing, and disputes mandates. JSA has a team of over 700 legal professionals, including 180+ partners, and operates from 10 offices across seven cities in India: Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Mumbai, and New Delhi. The firm is consistently recognised as a top-tier practice by leading international legal directories, including Chambers & Partners (Asia-Pacific and Global), Legal 500, and AsiaLaw.

Explore Firm Details

NHAI, on May 15, 2024, organised a workshop to encourage concessionaires and insurance companies to adopt Insurance Security Bond ("ISB") as a form of performance security and bid security.

India Transport

Vishnu Sudarsan,Ashish Suman,Ayan Sinha

+2 Authors

Your Author LinkedIn Connections

Article Insights

JSA are most popular:

within Law Department Performance, Real Estate and Construction and International Law topic(s)

NHAI, on May 15, 2024, organised a workshop to encourage concessionaires and insurance companies to adopt Insurance Security Bond ("ISB") as a form of performance security and bid security. This was organised after MoRTH, on March 15, 2024, amended the model concession agreement for BOT (Toll) projects permitting the concessionaires to furnish performance security in the form of an ISB issued by an insurance company authorised by IRDAI. As of May 15, 2024, NHAI received 164 (one hundred and sixty-four) insurances consisting of 20 (twenty) ISB for performance security and 144 (one hundred and forty four) ISB for bid securities. The attendees of the workshop deliberated upon various challenges in adoption of ISB and the possible measures that can be implemented to ensure for faster adoption of ISB.

To view the full article, click here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

[View Source]

Authors