Don’t get caught unprepared! Learn the essentials of surety and make sure you’re protected.
Surety bonds can be confusing – whether you’re a project owner requiring one, a contractor being asked to provide one, or a consultant administering a construction contract where bonding is required.
The Canadian Construction Documents Committee (CCDC) published three standard bond forms: CCDC 220 ‘Bid Bond,’ CCDC 221 ‘Performance Bond,’ and CCDC 222 ‘Labour and Material Payment Bond.’ These forms were recently updated in 2024, where a number of important changes were introduced.
What you will learn:
- What surety bonds are and how they differ from insurance
- The security offered by bid bonds, performance bonds, and labour and material payment bonds
- How each of the CCDC bond forms is intended to function
- The claims process, including how to make a claim and what happens once a claim is submitted
- Key changes introduced in the 2024 update, including Ready-for-Takeover, mitigation work, and more
