Description
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The Province of Ontario is developing a regulation to permit the use of pay-on demand surety bonds as a financial obligation to ensure developer-built assets are constructed to municipal specifications and standards.
Municipalities in Ontario have typically relied on letters of credit to manage risk of non-performance under subdivision/development agreements. In this webinar, we provide an overview of the surety bond market and how pay-on demand surety bonds differ from letters of credit and other types of surety bonds your municipality may have encountered, such as those issued under the Construction Act.
