Surety (Bid) Bonds for IPL 2024 players auction | Surety 007
IPL 2024 players auction is due on 19th December 2024. The list of retained players is already out and available here. We, Surety Seven (007), have come up with a unique proposition for all teams bidding in the IPL 2024 players auction.
Bid Security required to bid in IPL 2024 players auction
Inevitably all franchises participating in the IPL 2024 players auction will be required to furnish a Bid Security for their participation in the auction. This bid security is to ensure that each franchise/team follows through on its promise made in the auction. This security ensures compensation in case any team forgoes its promise or purchase (& payment) made to a player during the auction. This Bid security which is typically given in form of cash instruments or bank guarantees can very well be replaced with Surety Bonds for the IPL 2024 players auction. Bid Bonds which are a kind of (Insurance) Surety Bond are meant for this exact purpose.
Bid Surety Bonds and IPL (Indian Premier League) 2024
Surety Bonds were allowed in India with the Union Budget 2022 by Hon. Minister of Finance, Mrs. Nirmala Sitharaman. Ever since the Surety Bonds were allowed they have seen a meteoric acceptance from the Government of India entities, pushed by the Indian Ministry of Finance through its notification No.F.1/1/2022-PPD dated 02.02.2022 issued by Department of Expenditure, Procurement Policy Division – Subject: Amendment to General Financial Rules (GFR), 2017, Rule 170 (i)and Rule 171(i) to include Insurance Surety Bonds as Security Instruments for Bid Security and Performance Security respectively.
The long list of PSUs accepting Surety Bonds can be seen here. A notable missing name is that of the Board of Cricket Control of India (BCCI) which is the governing body for managing the sports of Cricket in India. Now, with the IPL 2024 auction here is a unique opportunity for BCCI to support the Government of India’s push for Insurance Surety Bonds by utilizing Bid Surety Bonds for IPL 2024 player’s auction.
Surety Seven partnership for Bid Bonds for IPL 2024 auction
We, at Surety Seven (007), invite BCCI and IPL management to partner with us to offer Bid Surety Bonds to franchises for the IPL 2024 auction. As IPL’s tagline reads “Yatra Pratibha Avsara Prapnotihi”. We say that this auction is
“Yatra Vyavsaya Avsara Prapnotihi” (Where Business meets Opportunity)
-Pranjal Aneja on IPL and Surety Bonds opportunity
Reach out to us on +919911557724 or write to us at support@suretyseven.com!
