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O. Reg. 260/24: GENERAL
filed June 24, 2024 under Construction Act, R.S.O. 1990, c. C.30
Skip to contentontario regulation 260/24
made under the
Construction Act
Made: May 30, 2024
Filed: June 24, 2024
Published on e-Laws: June 24, 2024
Published in The Ontario Gazette: July 13, 2024
Amending O. Reg. 304/18
(GENERAL)
1. The French version of section 3 of Ontario Regulation 304/18 is amended by adding “minimale” after “plafond de garantie” in the portion before clause (a).
2. The Regulation is amended by adding the following section immediately before the heading “Nuclear Facilities”:
Coverage limit
12.1 (1) Except as otherwise provided in this section, the minimum coverage limit for a labour and material payment bond required by subsection 85.1 (4) of the Act or a performance bond required by subsection 85.1 (5) of the Act is 50 per cent of the contract price.
(2) If a public contract has a contract price that is more than $500,000,000, the coverage limit shall be the amount specified by the owner, which must be at least $250,000,000.
(3) Subsection (2) does not apply unless the labour and material payment bond, performance bond and any other security required by the owner, taken together, would reflect an appropriate balance between the adequacy of the security required to ensure, on the one hand, the payment of persons supplying services or materials under the public contract and the performance of the public contract and, on the other hand, the cost of the security.
Commencement
3. (1) Except as otherwise provided in this section, this Regulation comes into force on the day it is filed.
(2) Section 2 comes into force on the later of the day subsection 2 (1) of Schedule 2 to the Building a Strong Ontario Together Act (Budget Measures), 2023 comes into force and the day this Regulation is filed.