Product Overview
The purpose of this guide is to help the construction and business communities in Canada better understand surety bonds and the suretyship process. This guide was prepared by the Surety Sub-Committee of the Canadian Construction Documents Committee (CCDC) and is endorsed by the constituent organizations of the CCDC and the Surety Association of Canada.
CCDC 22 describes the suretyship process and clears up some commonly held misconceptions. The guide is divided into three parts. Part 1 reviews suretyship, what a bond is and how it differs from other risk management tools. Part 2 discusses how suretyship works in practice, how bonds are obtained, the requirements of a surety company, and how the company proceeds through the prequalification process. Part 3 examines the various forms of bonds with a view to understanding the purpose of each bond and the claims process.
