143. A financial guarantee provided in the form of security, a financial guarantee policy or a letter of credit must have a term of not less than 12 months. At least 60 days before the expiry of the financial guarantee, the proponent must send renewal of the financial guarantee or any other financial guarantee that meets the requirements of sections 140 and 141 to the Minister of Sustainable Development, Environment and Parks.
The financial guarantee must also contain a clause setting the time period for filing a claim based on a failure by the operator to perform obligations at not less than 12 months after expiry of the financial guarantee or, as the case may be, its revocation, rescission or cancellation.
A clause of revocation, rescission or cancellation of a financial guarantee may take effect only if prior notice of at least 60 days is sent to the Minister by registered or certified mail.