News & Events

Mock Tender Program Proves the Concept of eBonds

April 29, 2013

The Surety Association of Canada led an initiative to provide Construction Owners with the opportunity to assess whether the concept of electronic bonds is potentially acceptable. These Mock Tenders were based on the concepts referred to in the Surety Association of Canada’s Position Paper #021: Tendering and Surety Bonds in a Digital World; the SAC Vendor Guidelines; and, the SAC Guidelines for Surety Industry Requirements for eBond developers. Through the creation of Mock Tenders, a Construction Owner was in a position to assess:

1. Their requirements to bidders to enable an eBid Bond in a RFP (App. A) 2. The conformance of eBid Bonds received to the requirements requested 3. Which eBid Bond methodologies or formats will be acceptable in actual RFP’s

The program ran from October 2012 to February 2013. The details of five Mock Tenders are incorporated into this report and SAC encourages review of each outcome to fully appreciate the varying perspectives. All experiences presented valuable input to the concept of electronic bonding. Acknowledging that five Mock Tenders (or Mock Scenarios) cannot provide conclusive results on behalf of the entire industry (small sample size by comparison), the Program did provide a good opportunity to prove the concept based on the concepts referred DOWNLOAD A COPY OF THE COMPLETE REPORT FINDINGS HERE

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