Bảo hiểm & Quyền cầm giữCâu 1501 / 1605
A 'performance bond' on a construction project primarily guarantees to the obligee that:
a.Subcontractors and suppliers will be paid
b.The owner's financing will be approved
c.The contractor carries workers' compensation
d.The contractor will complete the project according to the contract terms
Giải thích
A performance bond guarantees the contractor will complete the work per the contract; if the contractor defaults, the surety arranges completion or pays damages up to the bond. Payment to subs/suppliers is the job of the separate payment bond.
Luyện miễn phí toàn bộ 1605 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- If a contractor illegally fails to carry required workers' compensation insurance and an employee is injured, the employee may:
- What is a direct consequence for a licensed contractor whose required workers' compensation insurance lapses?
- A material supplier who furnishes materials to a subcontractor (not to the owner directly) preserves its mechanics lien rights by serving a preliminary notice on:
- Which of the following is generally NOT covered by a standard Commercial General Liability policy?
- Commercial auto insurance for a contractor is primarily intended to cover:
- A claimant recorded a mechanics lien but took no further action for four months. What is the likely status of the lien?
Cập nhật gần nhất: · quy trình kiểm tra
Sen Lin, Người sáng lập PrepPass · Đối chiếu với California CSLB Contractor License Law & Business Exam · Quy trình kiểm tra
Người kiểm duyệt Abraham Chen — Licensed California General Contractor (CSLB License #1101856 — kiểm tra)