Collaborations With Dana
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licensed, bonded, and insured — what these mean to you
Collaborations With Dana has gone to significant lengths in order to ensure its customers can be confident that their interests are protected. As part of this effort we have been licensed, bonded, and insured in the province of Alberta. Following is information on each of these terms and why you should care when considering a contractor.
licensed
In order to be licensed in the Province of Alberta, a contractor needs to meet provincial standards. Qualifying under these standards includes an examination by the province of the principals of the company, and an examination of the contract documents that the company provides to ensure that they reflect fair treatment of customers. In addition, if the contractor wishes to take deposits from customers in advance of doing work, the province requires that the contractor is bonded. With a provincial license, a contractor is then eligible to get a city business license that allows the company to draw building permits on behalf of the customer. Collaborations With Dana is licensed in the Province of Alberta and the City of Calgary.
bonded
It is illegal for a contractor to take deposits in advance of doing work unless they are bonded. A bond is your protection against unsavory business practices whereby a contractor may take a deposit and then not deliver on contracted services. Should this occur, you have the right to call on the contractor's bond to reclaim monies lost. This is also your best option for removing liens placed on your home as the result of the contractor not paying its sub-contractors. If the contractor is not bonded, your avenues for seeking damages are much more limited.
In order to obtain a bond, a company or its principals must put up property as collateral so that should someone call on the bond, the bonding agency is legally entitled to go after the submitted collatoral in order to recover the monies owed to the claimant.
Never give money in advance of work done to a contractor who is not legally bonded. It is also wise to ensure no liens have been registered on your home prior to paying the final deposit for work performed.
The BBB has a useful page on its website regarding bonding, including how to find out if a contractor is bonded in Alberta.
insured
The Province of Alberta requires that all contractors carry liability insurance in order to protect homeowners from damage to their home as the result of the work or negligence of the contractor.