{"id":359710,"date":"2024-03-12T06:05:29","date_gmt":"2024-03-12T10:05:29","guid":{"rendered":"https:\/\/canada.constructconnect.com\/?p=359710"},"modified":"2024-03-11T10:25:18","modified_gmt":"2024-03-11T14:25:18","slug":"surety-association-knocks-new-newfoundland-government-bid-bond-policy","status":"publish","type":"post","link":"https:\/\/canada.constructconnect.com\/dcn\/news\/associations\/2024\/03\/surety-association-knocks-new-newfoundland-government-bid-bond-policy","title":{"rendered":"Surety Association knocks new Newfoundland government bid bond policy"},"content":{"rendered":"<p>MISSISSAUGA, ONT. \u2014 The Surety Association of Canada (SAC) has issued a statement criticizing the government of Newfoundland and Labrador\u2019s recent decision to change its treatment of bid bonds.<\/p>\n<p>Bid bonds serve as a financial guarantee from vendors when bidding on projects, ensuring that the bidder remains committed to their bid and provides the required project security if selected, explained a release.<\/p>\n<p>The policy change from the Department of Transportation and Infrastructure was introduced as part of \u00a0newly announced procurement strategies designed to support local suppliers and promote sustainability.<\/p>\n<p>The SAC said it believes that the new policy, announced Feb. 5, is misguided and was founded on lack of understanding of bid bonds. The new strategy proposes a reduction and potential elimination of bid bonds.<\/p>\n<p>&#8220;The assertions regarding bid bonds in the government&#8217;s statement are not only misleading and inaccurate, but, in some cases, patently false,&#8221; said SAC president Steven Ness in a statement. &#8220;It&#8217;s alarming that such inaccuracies and misguided assumptions would lay the groundwork for public policy decisions.&#8221;<\/p>\n<p>SAC is urging the government to reconsider the policy direction.<\/p>\n<p>&#8220;Our goal is to work with the government to ensure that policies enacted are based on factual information and truly benefit taxpayers and local enterprises,&#8221; Ness said. &#8220;We are requesting an opportunity to explain the surety products and processes through educational presentations, highlighting their processes and advantages.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MISSISSAUGA, ONT. \u2014 The Surety Association of Canada (SAC) has issued a statement criticizing the government of Newfoundland and Labrador\u2019s recent decision to change its treatment of bid bonds. Bid bonds serve as a financial guarantee from vendors when bidding on projects, ensuring that the bidder remains committed to their bid and provides the required [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":278130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[8,1],"tags":[5070,86116,10556,16012,34343],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Surety Association knocks new Newfoundland government bid bond policy<\/title>\n<meta name=\"description\" content=\"The Surety Association of Canada (SAC) has issued a statement criticizing the government of Newfoundland and Labrador\u2019s recent decision to change its treatment of bid bonds.\" \/>\n<meta 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