The new “Surety Bonds” regulation under Ontario’s Planning Act
On November 20, 2024, the Surety Bonds regulation (O.Reg. 461/24) came into force under Ontario’s Planning Act. This regulation provides land owners and those applying for planning approvals with the option to stipulate that a surety bond will secure their approval-related obligations. This type of surety bond is generally called a subdivision or development bond. Section 2 of the Surety Bonds regulation requires the bond to provide as follows: BLG’s Construction and Surety Group is available to answer questions about this new regulation and related considerations for your contracts, and its Municipal Group is available to assist with agreements under the Planning Act. This article provides an overview and is not intended to be exhaustive of the subject matter contained therein. Although care has been taken to ensure accuracy, this article should not be relied upon as legal advice. https://www.blg.com/en/insights/2024/12/the-new-surety-bonds-regulation-under-ontarios-planning-act
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