Yes; that makes sense to me. Please work with them accordingly.
On Tue, Jul 25, 2023 at 10:25 AM Sean Cygan <scygan@thekey.com> wrote:
> Hi Steve and Tim,
>
> Yesterday, when reviewing the application (Security - Irrevocable Letter
> of Credit) I was asked to reach Frank Stigter regarding the letter.
>
> When reviewing the instructions, I think this should be completed by
> finance and not by our insurance broker. I have also attached the
> template letter.
>
> Your thoughts?
>
> Sean
>
>
>
> Letter of credit requirements
>
> To be acceptable, the letter of credit must:
>
> - be made in favour of the Director of Employment Standards,
> - be issued by a bank in Canada or credit union
> - be electronic
> - be in the amount of $25,000
> - be irrevocable so it cannot be recalled or repealed
> - automatically renew when it expires
> - permit “partial drawings” without any conditions, meaning that the
> Director of Employment Standards can, for reasons set out in the regulation
> and in accordance with the prescribed processes, demand and receive a
> payment less than the entire amount specified in the letter of credit
> - have no other conditions
>
> We recommend you use our template for irrevocable letters of credit
> <https://forms.mgcs.gov.on.ca/en/dataset/on00469> to ensure your letter
> of credit meets all requirements.
>
> On Thu, Jul 13, 2023 at 9:23 AM Sean Cygan <scygan@thekey.com> wrote:
>
>> Thank you
>>
>> On Thu, Jul 13, 2023 at 9:17 AM Steve Koyanagi <skoyanagi@thekey.com>
>> wrote:
>>
>>> Sure; let's schedule a time next week. Thanks.
>>>
>>> On Thu, Jul 13, 2023 at 8:59 AM Sean Cygan <scygan@thekey.com> wrote:
>>>
>>>> Hi Steve,
>>>>
>>>> Tim and I are working on a licensing for temporary help agencies and
>>>> recruiters application and it has some legal questions that we don't know
>>>> the answers to.
>>>>
>>>> I have attached the questions and was wondering if we can set up a time
>>>> to meet?
>>>>
>>>> Sean
>>>>
>>>> --
>>>> Sean Cygan
>>>> Compliance Associate
>>>>
>>>> 858-287-3077
>>>> 7777 Fay Avenue Ste. 210
>>>> La Jolla, CA 92037
>>>> TheKey.com <https://www.thekey.com/>
>>>> [image: TheKey] <https://homecareassistance.com/>
>>>>
>>>