Multiple Choice
Payment bonds
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
Correct Answer:
Verified
Correct Answer:
Verified
Q7: The bonding company is often concerned about
Q8: A Responsive bidder has filled the forms
Q9: Based on the Miller Act, bonds are
Q10: Second-tier Subcontractors are also referred to as
Q11: A Cardinal change is an important change
Q12: Bonds are another form of insurance
Q13: A responsive bid<br>A) contains a good price
Q15: Joint ventures are sometimes formed<br>A) to increase
Q16: A responsible bidder is one that has
Q17: Performance and payment bonds are usually issued