The value proposition of surety bonds in Canada has become stronger in recent years, according to Steve Ness, president of the Surety Association of Canada (SAC). While their role in safeguarding governments, taxpayers, and subcontractors is well recognized, Ness emphasized that their wider economic impact is often overlooked.

The latest study by the Canadian Centre for Economic Analysis (CANCEA), commissioned by SAC, explored the broader effects of requiring surety bonds on public construction projects nationwide.

It found that beyond protecting against contractor failure, bonds contribute significantly to the economy by supporting GDP, creating jobs, and enabling governments to recoup much, if not all, of the premiums they pay for bond protection.

Prevention through rigorous prequ

See Full Page