Province of Ontario: A Whole New WorldMay 9, 2018
New Template Bond Forms Approved by Cabinet
By Steve Ness, President of the Surety Association of Canada
For surety people in Ontario, the world will be a different place come July 1, 2018. On that date, the first phase of the new Construction Act of Ontario will take effect; providing the Ontario construction industry with a long overdue overhaul to the moribund and outdated Construction Lien Act.
The new legislation, which received Royal Assent on December 12, 2017 is truly the state-of-the-art in terms of creating a responsive and modernized approach to certainty and timeliness of payment for construction work in the province. The Act brings into force a number of ground-breaking measures that will expedite the flow of money down the construction payment chain. It came about following an extensive consultation with industry participants and accomplishes the near-impossible objective of addressing the often conflicting needs of all major stakeholders.
By now, Ontario based members are well familiar with Bill 142 and SAC’s role in bringing it about. Most are also familiar with the updates and improvements that the new measure will bring to construction industry once it takes effect.