Thank you, Mr. Chair. Contract regulations in the contract documents will call for different types of security that can be provided with a contract, one that’s entered into by the contractor and that can take the form of a bond, it can take the form of a letter of credit, it can take the form of a cash deposit, in some cases we can also take it in the form of an increased amount of holdback on the contractor, it depends on the size of the contract, the type of the contract, and the terms and conditions. So a bond is something that the contractor would purchase from a bonding agency that would provide the security to cover the terms and conditions and the delivery of the contract. Thank you.
Paul Guy on Consideration in Committee of the Whole of Bills and Other Matters
In the Legislative Assembly on February 27th, 2013. See this statement in context.
Consideration in Committee of the Whole of Bills and Other Matters
Consideration in Committee of the Whole of Bills and Other Matters
February 26th, 2013
Paul Guy
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