May 25, 2021 By Anthony Capkun
May 25, 2021 – The Surety Association of Canada (SAC) released the 2021 edition of SAC standard bond forms, saying they are available for use immediately.
They include updated 2021 versions of the SAC Bid Bond, Performance Bond, and Labour & Material Payment Bond.
“The 2021 bonds build on the innovations found in some of the earlier standards, and introduce improvements and updates that will provide Owners and Claimants with more responsiveness and clarity,” said SAC president, Steve Ness.
Ness confirmed that while SAC “still supports and endorses the published bond documents of the Canadian Construction Documents Committee (CCDC) as the broader industry standard”, the association recognizes that the current CCDC editions are “very much out-of-date”, having last been updated in 2002.
He suggested that new SAC standards will provide users across the country with a “responsive and upgraded surety option” until CCDC completes its renewal process.
“We will continue to work with CCDC and other industry partners to bring about a better industry standard that reflects current conditions in the construction and surety marketplace.” he added.
More information about the SAC 2021 bond forms, and to access to template versions of the bonds, can be found on the SAC website.
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