The General Indemnity Agreement Surety is a fundamental document required by surety companies operating in Canada before issuing any bonds on behalf of a principal. This agreement is typically needed when a business requires surety bonds for various purposes, such as bidding on projects, fulfilling contract obligations, or meeting licensing requirements. The GIA outlines the comprehensive framework of the surety relationship, including the obligations of all parties, security arrangements, and remedies available to the surety company. It provides protection to the surety by ensuring they can recover any losses incurred while extending bonding support to the principal. The agreement must comply with Canadian federal and provincial regulations, particularly those relating to insurance, contracts, and specific industry requirements such as construction laws. The document typically includes both corporate and personal indemnity provisions, making it a crucial risk management tool for all parties involved in surety relationships.
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1. Parties: Identifies the Surety company and all Indemnitors (both corporate and individual)
2. Background: Explains the context of the agreement, including the Indemnitors' request for bonds and the Surety's requirements for indemnification
3. Definitions: Defines key terms including 'Bonds', 'Loss', 'Indemnity Obligations', 'Principal', and other relevant terms
4. Indemnification Obligations: Core provision detailing the scope of indemnity and the Indemnitors' obligation to reimburse the Surety
5. Security Interest and Collateral: Provisions regarding security interests granted to the Surety and management of collateral
6. Rights and Remedies of Surety: Details the Surety's rights in case of claims, including settlement authority and access to books/records
7. Representations and Warranties: Indemnitors' representations regarding their authority, financial condition, and disclosure
8. Joint and Several Liability: Establishes that all Indemnitors are jointly and severally liable for obligations
9. Premium Payments: Obligations regarding payment of premiums for bonds
10. Default and Enforcement: Defines events of default and enforcement mechanisms
11. Termination: Conditions and process for termination of the agreement
12. General Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Trust Fund Provisions: Special provisions for contract funds held in trust, typically used in construction contexts
2. Cross-Border Provisions: Additional terms for when Indemnitors operate in multiple jurisdictions
3. Power of Attorney: Specific authority granted to Surety to execute documents on behalf of Indemnitors
4. Special Collateral Requirements: Detailed provisions for unique collateral arrangements or specific assets
5. Financial Covenants: Specific financial maintenance requirements for corporate Indemnitors
6. Subordination Provisions: Terms regarding subordination of other debt or inter-creditor relationships
7. Spousal Consent: Required when individual Indemnitors' spouses need to consent to personal guarantees
8. Assignment and Succession: Special provisions for transfer or succession of indemnity obligations
1. Schedule A - List of Indemnitors: Detailed information about all corporate and individual Indemnitors
2. Schedule B - Bonds Schedule: List of existing bonds and terms for future bonds to be covered
3. Schedule C - Collateral Description: Detailed description of any specific collateral provided to Surety
4. Schedule D - Special Conditions: Any special conditions or requirements specific to particular Indemnitors or situations
5. Appendix 1 - Corporate Resolutions: Corporate authorization resolutions for each corporate Indemnitor
6. Appendix 2 - Financial Statements: Recent financial statements of corporate Indemnitors
7. Appendix 3 - Personal Net Worth Statements: Financial disclosure forms for individual Indemnitors
8. Appendix 4 - Specimen Signatures: Signature specimens of authorized signatories
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