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B-1.1, r. 9 - Regulation respecting the professional qualification of contractors and owner-builders
Section 40
Disposition versions
40. The security to which this Division applies is required to guarantee, for the term of the security,
(1) first, the compensation in principal, interest and costs of any natural person having a liquidated claim related to a loss referred to in section 25 and evidenced by a final judgment rendered against the contractor or the surety, or by an agreement or transaction made between the client and the contractor or the surety to settle a dispute; and
(2) second, the compensation of any other client, on the conditions mentioned in subparagraph 1.
Despite the foregoing, clients may be compensated from the security provided for in this Division for any part of their claim for which they may not obtain compensation in execution of the security related to an itinerant merchant’s permit required by the Consumer Protection Act (chapter P-40.1), or of other security issued by a person authorized to act as surety under section 29.
40. The security to which this Division applies is required to guarantee, for the term of the security,
(1) first, the compensation in principal, interest and costs of any natural person having a liquidated claim related to a loss referred to in section 25 and evidenced by a final judgment rendered against the contractor or the surety, or by an agreement or transaction made between the client and the contractor or the syndic and the surety to settle a dispute; and
(2) second, the compensation of any other client, on the conditions mentioned in subparagraph 1.
Despite the foregoing, clients may not be compensated from the security to which this Division applies for any part of their claim for which they may obtain compensation under other security issued by a person authorized to act as surety under the first paragraph of section 29; every claim for compensation from the security must be accompanied by a statement from the client attesting that the client cannot obtain compensation from other security.
