Finance committee  Do you mean, had there been no surety bond, just the protection from the bank?

Finance committee  It would depend on how that was structured—perhaps no one. The closest analogy I can bring up to address your question is that sometimes in lieu of surety bonds we see owners call for bank letters of credit as security. In those instances, we find that the owners—in the case of

Finance committee  Thank you. With your indulgence, I will also respond in English. I understand you're asking for an explanation of the placeholder we're proposing. We do set this out in our written brief, but I'll go over it for you. Proposed section 23 of the act sets out the regulations fo

Finance committee  We have already.

Finance committee  Thank you, Mr. Sorbara. Yes, Mr. Sorbara is referring to a Toronto-based contractor. In the Toronto area alone, they had 12 major contracts on the go. They've gone into insolvency. Our member surety has moved in. As of the end of 2018, they had paid out, just to trades and suppl

Finance committee  Yes, that's right. There's always going to be some delay when a contractor fails. You can't magically bring them back online the next day, but our members moved in, got new contractors and got things back. Some of them are going to be completed within their existing schedules, wh

Finance committee  Thank you, Mr. Chair and honourable members of the committee. Our comments today are in relation to division 26, part 4, which deals with prompt payment in the construction industry. I'm Steve Ness. The Surety Association represents the firms that guarantee the performance and