Electronic Documents: Required Criteria
From a technical standpoint, the technology to create, record, execute and deliver electronic bonds is commercially available. Regardless of the system used, it is important that the end-user trusts the process and is assured that the “document” received is as valid as any paper equivalent. In that regard it’s crucial that any electronic document received meet three threshold criteria:
Integrity of Content
The assurances that the document received is the true document executed and the content has not been changed or altered.
Restricting the access to the document to those authorized to view and/or download it.
Verifiability / Enforceability
Assurances that the document was duly executed by the parties identified and that it is enforceable in law.
Assessing Solution Providers
There are a number of commercially available software programs capable of creating reliable and enforceable electronic bonds that meet the criteria of the Surety Association of Canada. SAC reviewed and assessed several e-bonding systems and copies of these assessments are available for download. Please remember that technology evolves at a rapid pace and that some of the information contained in the assessments may not be up to date. We also remind members and others that these assessments are for information purposes only and that SAC does not endorse or promote any system.
E-Bonding Downloads and Links
SAC has compiled a number of documents and links related to e-bonding.
The Surety Association of Canada strongly supports the automation of the suretyship process and has decided to direct its energies and resources toward to promoting the responsible use of technology in bidding and bond issuance. The Association see its role as a facilitator and advocate.
SAC does not become involved as an active participant in the process of issuing surety bonds. Again, the Association will not develop or even promote a proprietary software system for the creation, execution and delivery of surety bonds by member firms or any other stakeholders.