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.
Note: This is a revised version of the original recording, updated with information from the regulation released on November 20, 2024.
https://www.ontario.ca/laws/regulation/r24461
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.
What You will Learn: Several key learning areas are to be touched upon in this webinar, which include:
- Develop an understanding of the proposed regulation, its components and its policy intent
- Gain a high-level understanding of the surety bond market, including the various types of surety bonds you may have encountered and how pay-on demand surety bonds are differentiated.
- Understand how a surety bond differs from a letter of credit.
Who Should Attend:
- Municipal staff responsible for development agreements.
Benefits of Attending: Participants can expect to:
- Have a clear understanding on the proposed regulation with respect to pay-on demand surety bonds.
- Basic knowledge of pay-on demand surety bonds and the surety bond market in general to ensure your municipality enters into the developer agreement process with a common understanding of the benefits and risks of these securities..
Presenters:
Steve Ness began his career in the surety industry in 1981 and is currently the President and Chief Operating Officer of the Surety Association of Canada having assumed the post in August 1994. He is also one of the founders of the association and one of its original directors.
Aaron Cantor is an accomplished and visionary leader with a distinguished background in government stakeholder relations, non-profit management, and association leadership. Aaron's vast expertise spans across diverse sectors, and he recently joined the Surety Association of Canada (SAC) as Regional Director, Ontario and Atlantic Canada in August 2023.
Christine Duong is the Policy Team Lead at the Municipal Finance Officers' Association of Ontario and has worked in municipal policy for seven years. She holds a Masters of International Public Policy from the Balsillie School of International Affairs.
Quantity is required.
Quantity must be a positive whole number.