Arranging and Maintaining Your Bonding and E-Bonding Facility
BC Housing: 1 CPD Point
Description
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). A case in point is Bill 142 in Ontario which was put into place in 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 understand 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.
Duration: One hour (1) of virtual presentation with an instructor
Course Fee Includes: Access to the course, course materials, and upon completion a digital certificate if requested.
This course is delivered in partnership with local and provincial construction associations across Canada. You will be participating with a group of industry peers from multiple regions.
Sharing a single registration between two or more individuals is not permitted. Please register each person that will be in attendance.
Prerequisites
There are no prerequisites for this course.
Who Should Attend
This session was designed for anyone in the construction industry who want to know and understand the how bonding and surety work.
Technical Requirements
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Computer or laptop
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This course will involve on-screen interaction with your instructor and classmates, reading/viewing on-screen content (slides or videos), and interacting via typing with questions or responses. For this reason, cell phones may not be adequate.
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Windows 10 or Mac iOS
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Internet connection - For best results, you will want to ensure you have an internet connection with an upload/download speed of 3-5 Mbps. You can test your internet speed here. The minimum recommended speed is 1.5 Mbps, but anything below 3 Mbps may result in loss of quality or buffering. Ideally hardwired connection versus wireless for stability - connect your computer directly to your router using an ethernet cable, rather than using your home wi-fi.
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A quiet space with minimal distractions - The microphone will be engaged for interactive sessions. Please plan to be fully engaged in the class and clear your work schedule just as you would for the in-class program.
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Comfortable chair