SAC Webinar: CCDC Bond Forms 2024 - An Evolutionary Change in Surety Protection

On May 21, 2024, the Canadian Construction Documents Committee (CCDC) published the 2024 editions of its standard surety bond forms including Form 220 (Bid Bond), Form 221 (Performance Bond) and Form 222 (Labour & Material Payment Bond).

To say that this update is long overdue would be a massive understatement. The surety bond documents were last updated in 2002 and by comparison, these earlier instruments are antiquated and by today’s standards, not adequately responsive to the current level of service required by key stakeholders (e.g. contractors and Obligee/end-users).

The 2024 versions of the CCDC bonds were inspired by the prescribed standards that were drafted for the regulations under the Construction Act of Ontario which was implemented in 2018 and include:

• Introduction of new terms
• Modified timelines and processes
• Standard forms
• New provisions addressing time-sensitive issues
• And more!

To learn about these changes, the Surety Association of Canada will be holding a series of webinars targeted to surety firms/brokerages, project owners/municipalities, and general contractors/sub-contractors.

The webinar for General Contractors and Sub-contractors will be held on Tuesday, June 25, 2024, from 1:00 p.m. to 2:00 p.m. (EDT).

CLICK HERE to register!

Please note that the sessions will be held in *English* only and will be recorded and made available on the SAC website.

For any questions, please contact surety [at] suretycanada.com or at (905) 677-1353.