Description
Bond is an agreement or promise to pay a certain amount of money to the bond holder (client) through the bonding company such as a bank or insurance company when the bond issuer (contractor) fails his contractual obligation or specified condition is happened.
Insurance is an agreement in which an organisation or a personal (Insured) pays an insurance company (Insurer) money (insurance premium) and the insurer pays the insured costs as financial compensation of loss, damage, or injury by an accident or incident risks. The Insurance can be one of the risk transfer methods.
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