1.S.17 of limitation act 2. What is BG?

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Accepted Answer

S.17 of Limitation Act deals with effect of fraud or mistake on limitation period. BG stands for Bank Guarantee.

S.17 of Limitation Act provides that the limitation period for a suit will be extended if the plaintiff was prevented from filing the suit due to fraud or mistake.
BG or Bank Guarantee is a type of financial instrument issued by a bank on behalf of a customer, promising to pay a certain amount to a third party in case the customer fails to fulfill their contractual obligations.
BGs are commonly used in international trade and construction contracts as a form of security for the parties involved.
BGs can be either performance guarantees, which ensure that the customer will fulfill their obligations under the contract, or financial guarantees, which ensure that the customer will pay a certain amount in case of default.
BGs are often subject to strict terms and conditions, and require careful drafting and negotiation to ensure that they provide adequate protection for all parties involved.