Ministry of Road Transport and Highways allows e-bank guarantee, insurance surety bonds as bid, performance security for projects
The Ministry of Road Transport and Highways (MoRTH) on Wednesday said it has allowed acceptance of e-bank guarantee and insurance surety bonds as 'bid security' and 'performance security' in standard documents of engineering, procurement, and construction (EPC), hybrid annuity model (HAM) and BOT (Toll) projects.
Recently, Union Minister Nitin Gadkari has said the finance ministry has agreed to allow contractors engaged by state-owned NHAI and NHIDCL to convert their bank guarantees into insurance surety bonds. Image Courtesy: Reuters