Attorney: Landscape for performance bonds changing in Canada

07/18/2013 | Journal of Commerce (Canada)

Language concerning performance bond indemnification has been broadened in Canada, a legal expert says. “It provides that the surety ‘shall indemnify and keep indemnified the obligee and the officers, servants and agents thereof from all, and all manner of damage, loss, expenses, claims and demand, arising out of any breach of the said contract, or any of the covenants or conditions therein contained,' " according to a Canadian attorney. "This is much broader wording than the standard form wording."

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