Ontario Construction News staff writer
Registration opened last Monday (July 11) for the Surety Association of Canada’s (SAC) Associateship of Canadian Surety Bonding Designation Program (ACSB).
The program was developed by SAC in September 1998 and aims to provide students with a theoretical and in-depth practical understanding of surety bonds and the suretyship process. It is intended for those who plan on embarking on a career in the surety industry.
The program was previously offered in partnership with McMaster Continuing Education (MCE). At the end of the Winter 2022 term, SAC concluded the partnership and transitioned the program “in-house”; whereas three of the four core courses that have been developed by SAC are now offered directly through the association’s On-line Learning Management System.
Registration for the following courses is now open for the Fall 2022 term:
- SAC 101: Principles of Suretyship
- SAC 102: Contract Surety
- SAC 103: Construction and Surety Law
The fourth core course, Introductory Financial Accounting, and two elective courses can be taken through any accredited Canadian university. Students may also request an exemption from the Introductory Financial Accounting course for previous courses they have taken through another program.
Upon successful completion of all four core courses and two electives, students will receive the
designation of Associate of Canadian Surety Bonding (A.C.S.B.), conferred by the Surety Association of Canada.
“We are very excited about this new phase of our wonderfully successful A.C.S.B. Designation program,” SAC president Steve Ness said in a statement. “The new program will continue the long tradition of providing our students with a comprehensive academic and practical understanding about surety bonds and the suretyship process”.
In addition, SAC says it has launched a French version of the program, le Programme des
Associés en Cautionnement Canadien (P.A.C.C.). In 2019, SAC began the translation and adaptation work towards the francization of the program for the surety bond market in Quebec. While the English course (A.C.S.B.) takes into account the reality of the Common Law legal framework, the francization of the program has been adapted according to the civil law framework used exclusively in the province of Quebec.
The ACC developed courses will be launching in phases, with the registration now open for the ACC 101: Principes de cautionnement for the Fall 2022 term. Note that the ACC 101 course is a prerequisite for the ACC 102: Cautionnement de contrat and ACC 103: Droit de la construction et de cautionnement courses, which will be launching in the Winter 2023 and Fall 2023 terms, consecutively.
“The inauguration of P.A.C.C. in Québec represents an important milestone toward a greater recognition of a professional career in surety,” said SAC Quebec regional director Pierre Cadieux. “In promoting this program based on civil law and particular beneficiary requirements in Quebec, we hope that it will succeed in recruiting new talent. I have no doubt that this will have a positive impact on our industry which, as a reminder, represents 97 per cent of the Quebec commercial and contract surety market.”
Instructors of the SAC and ACC courses are selected by the association and are delivered by industry experts, some of whom bring years of experience and knowledge of the surety industry.