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Ontario Financial Guarantee Bond under Subsection 78 (10)
Prepare a Financial Guarantee Bond under Subsection 78 (10) of the Ontario Construction Lien Act with this template form.
- This form of bond is to be used when title to a property is being transferred from a mortgagee to a purchaser.
- The mortgagee (principal under the bond) agrees to pay all lien claimants who have proved a lien.
- If the principal defaults, the surety will pay the lien claims, up to a maximum stated amount.
- A lien claimant cannot claim against the surety unless the principal defaults.
- The surety is entitled to an assignment of rights from any person who receives payment from the bond proceeds.
- The form includes an Affidavit of Good Faith by Mortgagee, an Affidavit of Execution (required if the principal is an individual), and a copy of the relevant section of the Construction Lien Act.
- Buy the form once, and it's yours to use as often as you require.
Download: Ontario Financial Guarantee Bond under Subsection 78 (10)
Related Forms:
- Ontario Certificate of Completion of Subcontract
- Ontario Certificate of Substantial Performance of Contract
- Ontario Claim for Lien
- Ontario Declaration of Last Supply
- Ontario Financial Guarantee Bond under Section 44
- Ontario Form 1 Notice to Contractor
- Ontario Notice to Lien Claimant by Landlord
- Ontario Release of Lien under Section 41 of Construction Lien Act
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