Bonding

Since our foundation, Ferrari & Associates has provided surety bonds for Canadian companies, from building contractors to automotive dealers, from environmental sites to transportation agencies. Based in Vaughan and Oakville, our trusted surety professionals guarantee clients’ obligations to partners, customers and suppliers, ultimately aiding them in navigating a successful project.

Bid Bonds and Agreement to Bond

Primarily used in a construction setting at the tender stage, a bid bond provides assurance by the surety to the project owner that the bidder will enter into the contract at the price tendered, should they be successful in their bid. Contractors generally prefer bid bonds to other deposit methods because they do not involve… Read more »

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Performance Bonds

A performance bond is a written guarantee from a surety that promises a project owner that the contractor with the winning bid is able to fulfill their duties as outlined in their contract. This provides security that the contractor will perform all of its obligations under the contract. Since our foundation in 2009, Ferrari &… Read more »

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Labour and Material Bonds

In the case of a labour or material bond, the contractor will pay the subcontractors, labourers and material suppliers what they’re owed for their services as stated in the terms of their contractual agreements. Since our foundation in 2009, Ferrari & Associates has been one of Toronto’s preferred boutique insurance and financial agencies, catering to… Read more »

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Lien Bonds

A lien bond is requested by the contractor in order to remove a lien placed against the real estate property on which the construction project is taking place. The lien bond acts as a security measure on behalf of the contractor, in place of cash or a certified cheque, pending a judgment by the court.… Read more »

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Prequalification Letter

A prequalification letter is used to meet the initial Request for Qualification (RFQ) stage of the contract. It confirms that a contractor is “bondable,” so to speak. A prequalification document affirms to a project owner or developer that the contractor in question has a good relationship with their surety company. At Ferrari & Associates, we… Read more »

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Maintenance Bonds

A maintenance bond provides security that a contractor will maintain and/or repair deficient work under the contract within a specified time period after a project is completed. Maintenance bonds are important in a construction project setting because it is essentially an ironclad promise that you, the contractor, will do your job and do it right.… Read more »

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Developers’ Surety

Since our foundation in 2009, Ferrari & Associates has been aiding developers in leveraging their projects by providing them with developers’ surety. Developers’ surety serves the homebuilder and the residential development industry in the form of Tarion Warranty Corporation Bonds, Condominium Deposit Insurance, Subdivision Bonds and Purchaser’s Deposit Bonds. It is important for developers to… Read more »

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Commercial Surety — Canada Customs, Tax and Excise, Licencse and Permit Bonds

Whether you are opening a boutique or launching your own service, commercial surety is an important part of bringing your new business into the world. In the preliminary stages of establishing your brand, make sure you acquire proper commercial surety, which is often required in certain licensing processes. By presenting the government with your commercial… Read more »

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E-bonds

Like most industries, the surety bond space is evolving from paper to digital documents. Electronic tendering is a newer development in the construction industry, replacing the bond execution process that had been used for generations previously — a signature and seal on the bond form by the principal and surety, then having the document physically… Read more »

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