Introduction to Surety & IPD Projects

Start Date: Tuesday, December 8th, 2020
Time: 1:00 pm
RSVP Date: Monday, December 7th, 2020
Registration: Register Online

This presentation will be for companies involved in the fenestration sector in BC. The session is designed to describe the role of bonding in managing construction risk and how it can be used in  IPD projects that fenestration companies may be involved in.  The session will compare bonding to other approaches and will foster discussion in an interactive format.

The presentation will provide a high-level overview of the construction industry and contract risk management, with a focus on the role of surety bonding.  Areas to be covered include:

•    Contract risk – what does that mean in 2020?
•    An Introduction to Bonds – what bonds do for contractors and owners
•    The Integrated Project Delivery framework – what makes it different
o    Bonding for IPD projects
•    The process of making a claim on surety bonds (it’s not automatic).
•    Quick comparison between bonds and other approaches to managing contract risk (Contract Default Insurance, and/or Irrevocable Letters of Credit)
•    What resources are available to answer questions about bonding?

The objective is to provide you a better understanding of the ‘whys and wherefores’ of the role of surety in managing contract risks.  There will be time for those attending to raise issues and pose questions during (and after) the session.

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