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10 Cards in this Set
- Front
- Back
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What type of bond is used by contractor to guarantee that a work will be completed to specifications? |
Performance
(Under contract/construction bonds) |
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Which is not a surety bond? |
*commercial blanket bond is NOT what does a pag |
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What does a payment bond guarantee? |
The principal* will complete and deliver the work free of any liens or encumbrances |
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What will a bid bond do if the contractor does not take the job? |
Agree to pay the difference between the selected contractors bid and the bid that is then accepted |
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Who are the three parties to a surety bond? |
Principal Obligee Surety |
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Which bond guarantees that bills for labor and materials will be paid to the contractor as they are due? |
Payment bond |
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Bond agreements are... |
A surety bond that serves as a guarantee of performance |
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A contractor who has signed a contract to build an addition to a residence is a an example of... |
Principal in a surety bond |
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Who does a surety bond protect? |
Obligee |
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What are the Contract/Construction bonds? |
Bids Performance* Payment Supple Completion |
