brief about surety bonds
 

@ Thirstyfire
Can U brief about surety bonds??? whether it is necessary for job in Bank?? & what will be restricted Duration to work in ABL & Value of Suety Bonds (2 or 3 lacs)??

[QUOTE=waqhasn;250569]@ Thirstyfire
Can U brief about surety bonds??? whether it is necessary for job in Bank?? & what will be restricted Duration to work in ABL & Value of Suety Bonds (2 or 3 lacs)??[/QUOTE]

[B]Surety Bond:[/B]
A bond issued by one party, the surety, guaranteeing that he will perform certain acts promised by another or pay a stipulated sum, up to the bond limit, in lieu of performance, should the principle fail to perform. This is a Contract among at least three parties: (1) the principal, the primary party who will be performing a contractual obligation (Employee); (2) the oblige, the party who is the recipient of the obligation (Employer); and (3) the surety, who ensures that the principal’s obligations will be performed (Reference). Through this agreement, the surety agrees to uphold, for the benefit of the oblige, the contractual obligations made by the principal if the principal fails to upholds its promises to the oblige

The value of surety bond for the last batch of MTO was Rs. 1 Lac and the minimum service duration was 3 years.

Yes this is necessary for some posts (like MTOs) to sign the bond for getting job in Banks.