Question 1

The three Cs of bonding are Character, Capital and Commitment

Accepted Answer

A) True 
 B)False  False

Question 2

The three C's of bonding include Capital, Competence and

Accepted Answer

A)  Character 
B)  Charisma 
C)  Convenience 
D)  Caution 
A)  Character 
B)  Charisma 
C)  Convenience 
D)  Caution A

Question 3

Failure to inform of a claim against a bond in a timely matter can negate the chance of collecting money that is due

Accepted Answer

A) True 
 B)False  True

Question 4

A responsible bid

Accepted Answer

A)  contains a good price for what is expected to be done 
B)  is the low bid 
C)  is by a contractor capable of doing the work 
D)  is any bid that contains all the elements required to be submitted in the bid package 
A)  contains a good price for what is expected to be done 
B)  is the low bid 
C)  is by a contractor capable of doing the work 
D)  is any bid that contains all the elements required to be submitted in the bid package

Question 5

In construction, there are three basic types of bonds: Bid, Performance, and Payment

Accepted Answer

A) True 
 B)False

Question 6

The Miller Act requires bonding on Federal Projects above a specific dollar volume

Accepted Answer

A) True 
 B)False

Question 7

The bonding company is often concerned about the health of a key individual in a firm they provide bonds for

Accepted Answer

A) True 
 B)False

Question 8

A Responsive bidder has filled the forms of the proposal out correctly

Accepted Answer

A) True 
 B)False

Question 9

Based on the Miller Act, bonds are required

Accepted Answer

A)  on Federal work greater than $100K 
B)  on all Federal work 
C)  on projects over one million dollars 
D)  only on Federal military work 
A)  on Federal work greater than $100K 
B)  on all Federal work 
C)  on projects over one million dollars 
D)  only on Federal military work

Question 10

Second-tier Subcontractors are also referred to as Sub-subcontractors

Accepted Answer

A) True 
 B)False

Question 11

A Cardinal change is an important change of work that the Owner wants the Contractor to perform or process as soon as possible

Accepted Answer

A) True 
 B)False

Question 12

Bonds are another form of insurance

Accepted Answer

A) True 
 B)False

Question 13

A responsive bid

Accepted Answer

A)  contains a good price for what is expected to be done 
B)  is the low bid 
C)  is by a contractor capable of doing the work 
D)  is any bid that contains all the elements required to be submitted in the bid package 
A)  contains a good price for what is expected to be done 
B)  is the low bid 
C)  is by a contractor capable of doing the work 
D)  is any bid that contains all the elements required to be submitted in the bid package

Question 14

Payment bonds

Accepted Answer

A)  assure lower-tiered Contractors they will be paid 
B)  bind the Owner and the Contractor to mutual exchange of money in the event of a Subcontractor default 
C)  are calculated based on the amount of risk involved in the project 
D)  are required on any project that has a Pay if Paid clause 
A)  assure lower-tiered Contractors they will be paid 
B)  bind the Owner and the Contractor to mutual exchange of money in the event of a Subcontractor default 
C)  are calculated based on the amount of risk involved in the project 
D)  are required on any project that has a Pay if Paid clause

Question 15

Joint ventures are sometimes formed

Accepted Answer

A)  to increase bonding capacity for a particular project 
B)  to combine different expertise within different companies 
C)  to provide more capital for cash flow 
D)  all of these 
A)  to increase bonding capacity for a particular project 
B)  to combine different expertise within different companies 
C)  to provide more capital for cash flow 
D)  all of these

Question 16

A responsible bidder is one that has the ability to do the work being bid

Accepted Answer

A) True 
 B)False

Question 17

Performance and payment bonds are usually issued after a bid bond

Accepted Answer

A) True 
 B)False

The three Cs of bonding are Character, Capital and Commitment

The three C's of bonding include Capital, Competence and

Failure to inform of a claim against a bond in a timely matter can negate the chance of collecting money that is due

A responsible bid

In construction, there are three basic types of bonds: Bid, Performance, and Payment

The Miller Act requires bonding on Federal Projects above a specific dollar volume

The bonding company is often concerned about the health of a key individual in a firm they provide bonds for

A Responsive bidder has filled the forms of the proposal out correctly

Based on the Miller Act, bonds are required

Second-tier Subcontractors are also referred to as Sub-subcontractors

A Cardinal change is an important change of work that the Owner wants the Contractor to perform or process as soon as possible

Bonds are another form of insurance

A responsive bid

Payment bonds

Joint ventures are sometimes formed

A responsible bidder is one that has the ability to do the work being bid

Performance and payment bonds are usually issued after a bid bond

Getting Started

An Introduction to Contracts, Torts, Statutes and Regulations

Owners, Designers, and Constructors

The Basics of Construction Contracts

Different Construction Contract Delivery Methods

Interpreting the Contract

Killer Clauses

Insurance

Warranties

Getting Started

Differing Site Conditions

Schedule

Liens

Filters

Exam 9: Bonds

The three Cs of bonding are Character, Capital and Commitment

The three C's of bonding include Capital, Competence and

Failure to inform of a claim against a bond in a timely matter can negate the chance of collecting money that is due

A responsible bid

In construction, there are three basic types of bonds: Bid, Performance, and Payment

The Miller Act requires bonding on Federal Projects above a specific dollar volume

The bonding company is often concerned about the health of a key individual in a firm they provide bonds for

A Responsive bidder has filled the forms of the proposal out correctly

Based on the Miller Act, bonds are required

Second-tier Subcontractors are also referred to as Sub-subcontractors

A Cardinal change is an important change of work that the Owner wants the Contractor to perform or process as soon as possible

Bonds are another form of insurance

A responsive bid

Payment bonds

Joint ventures are sometimes formed

A responsible bidder is one that has the ability to do the work being bid

Performance and payment bonds are usually issued after a bid bond

Getting Started

An Introduction to Contracts, Torts, Statutes and Regulations

Owners, Designers, and Constructors

The Basics of Construction Contracts

Different Construction Contract Delivery Methods

Interpreting the Contract

Killer Clauses

Insurance

Warranties

Getting Started

Differing Site Conditions

Schedule

Liens

Filters