Planning & EstimatingCâu 621 / 700
What is the purpose of a bid bond?
a.It guarantees that, if awarded, the bidder will enter into the contract and furnish the required performance and payment bonds; if not, the surety compensates the owner.
b.It guarantees the project will be completed on schedule.
c.It guarantees that subcontractors and suppliers will be paid.
d.It authorizes the release of retention at substantial completion.
Giải thích
Correct: a bid bond protects the owner if the low bidder refuses to sign the contract or provide the required bonds, covering the extra cost of awarding to the next bidder. Guaranteeing completion is the performance bond's role. Guaranteeing payment to subs and suppliers is the payment bond's role. Retention release is a payment-application matter, not a bond function.
Luyện miễn phí toàn bộ 700 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A grading and utility project has uncertain quantities of rock excavation that cannot be measured accurately until digging begins. Which contract type is BEST suited?
- When is a cost-plus-fee contract MOST appropriate?
- How do an 'allowance' and a 'contingency' differ in a bid?
- On a bonded public project, what is the distinction between a performance bond and a payment bond?
- On a California public-works project above the applicable threshold, what does the law generally require regarding wages and records?
- What is the PRIMARY purpose of value engineering on a construction project?
Cập nhật gần nhất: · quy trình kiểm tra
Đội Ngũ Biên Tập PrepPass · Đối chiếu với California CSLB General Building (B) Trade Examination · Quy trình kiểm tra