Suretyship has been a valuable tool dating back to 2750 BC and is used around the world to help secure the bid process and contract performance in the Construction Industry.
While Surety has been around for a long time we are still seeing innovations and expansion of its utilization. Over the last few years, more public and private owners have begun utilizing bonding including a significant uptake in E-Bonds (that is Digitally Verifiable Bonds). Case in point is Bill 142 in Ontario which was put into place late 2019 as part of prompt payment legislation and contained a requirement for any provincially funded projects over $500K to be bonded. Here in BC the BC Law Institute completed a review of the Builders Lien Act in July 2020 and recommended the use of Holdback Bonds instead of cash funds.
Be prepared to get ahead of your future bonding requirements by attending this seminar to ensure you have a good understanding of what the process entails. If you already have a bonding facility in place this seminar will ensure you have a better understanding of what the Surety looks at when making their decisions.
In this seminar, we will go over everything you’ll need when setting up your bond facility, how your broker fits into the process and understanding the Surety’s underwriting appetite. We will also touch on the costs and benefits of maintaining a bonding facility along with the basic types of bonds.
Approved for 1 CPD Point with BC Housing!