Date: Thursday, February 13, 2020 Time: 1:00 p.m. to 3:00 p.m. (EST) Target Audience: Sureties, Brokers & Contractors (Principals/Bidders) Cost: Free To Register: http://bit.ly/EbondingWebinar-Feb132020
Surety bonds play a major role in the development of the economy. Their main purpose is to provide a security guarantee to performance of a contract or compliance to legislation.
The purpose of an electronic bond system represents a transition from paper to digital. The fundamental workflows are representative of three primary parties – the owner of a contract; the principal party agreeing to carry out the work per the terms of the contract (i.e. contractor); and the surety agreeing to guarantee to the owner that the principal will carry out the work per the terms of the contract.
The surety’s guarantee is the duly executed surety bond form which is considered legally to be a deed or document under seal in all Canadian provinces other than Quebec (where surety bonds are governed by specific provisions of the civil code).
These legal relationships remain intact, as they do in the pre-digital environment. The benefits of electronic bonds versus paper bonds are the automation opportunities for quality assurance; and significant efficiencies provided to all parties of the bond, saving valuable resources.
This webinar is intended for sureties, brokers and contractors (bidders/principals) who are interested in receiving a refresher or learning more about how e-bonding works and how to respond to tender requests that require e-bids and/or e-bonds.