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How to Buy Surety Bonds: A Step-by-Step Guide
With the appropriate approach, buying surety bonds can be a straightforward process. Whether you need a bond to obtain a business license, bid on a construction project, or fulfill an import security obligation, understanding how the process works will help you avoid delays and complications. This step-by-step guide will walk you through everything you need to know about purchasing a bond; from
Fidelity Bond vs Surety Bond – What’s the Difference?
We often have client inquiries from businesses stating that they need a fidelity bond for their cleaning company or moving company. However, this is an antiquated term and bond type in the Canadian market and
What is RPP? Release Prior to Payment Bond Canada
What is RPP, and how do Release Prior to Payment Bonds work? Introduction A Release Prior to Payment Bond is a type of surety bond that is designed to ensure CBSA is paid any duties
What Is Bonding Insurance?
*The information contained in this article is specifically related to Canadian Surety Bonds & Insurance. “What is Bonding Insurance?” A Common Misnomer. One of the most frequent misunderstandings in the financial world is the use
Surety Bond Requirements: What You Need to Know
If you have been pursuing construction projects in the civil sector, you have likely heard about surety bonds. What are they, and how can you obtain them? Let’s find out in this guide! Surety bonds
5 Common Errors Contractors Make When Applying for Surety Bonds
This article is referencing surety bonds, specifically contract bonds, and setting up a bond facility; this is comparable to a subscription that enables you to provide bonds as a contractor throughout the year. A bond
Where to Purchase a Surety Bond: A Guide for Businesses and Individuals
A surety bond is a legally binding contract that involves three parties: the principal, the obligee, and the surety. For businesses, surety bonds are essential for securing contracts, licenses, or permits, as well as ensuring
5 Tips For Obtaining Construction Surety Bonds
Securing a construction surety bond feels like a steep climb; necessary, yet fraught with bureaucratic hurdles and stringent requirements. You know the drill: no bond, no bid. As a contractor, it’s the golden ticket to
CCDC Updates Surety Bond Wordings for the First Time Since 2002
In an effort to modernize and streamline surety bond agreements, the Canadian Construction Documents Committee (CCDC) has introduced updated wordings for Bid Bonds, Performance Bonds, and Labour & Material Payment Bonds. These updates mark the
What You Need to Know About Performance Bonds
As a leading Canadian Surety Bond Brokerage, Bond Connect is committed to providing our clients with comprehensive insights into the world of surety bonds, with a particular focus on Performance Bonds. These bonds play a
When Are Maintenance Bonds Used?
In this article, we’ll review the broad scope of contract surety bonds in Canada, while focusing on when Maintenance Bonds are used in different scenarios. Understanding these bonds is crucial for anyone involved in the