Bảo hiểm & Quyền cầm giữCâu 1511 / 1605
The main reason an owner requires the general contractor to furnish BOTH a performance bond and a payment bond is to:
a.Replace the need for a written contract
b.Ensure the project gets completed AND that subcontractors and suppliers get paid
c.Reduce the contractor's insurance premiums
d.Satisfy the workers' compensation requirement
Giải thích
A performance bond protects the owner against contractor non-completion, while a payment bond protects subs and suppliers (and indirectly the owner from liens) by guaranteeing they are paid. Together they cover the two primary financial risks on a project.
Luyện miễn phí toàn bộ 1605 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Compared to a mechanics lien, a key ADVANTAGE of a stop payment notice for a lower-tier claimant is that it:
- A certificate of insurance lists a policy that the insurer canceled the following week. If the certificate says coverage is effective for the full year, the certificate holder's coverage is:
- On a private single-family remodel with no notice of completion recorded, the owner occupies the home and all labor stops. The 90-day lien clock for claimants runs from:
- An 'indemnitor' in a hold-harmless agreement is the party who:
- Best practice is to serve the Preliminary Notice at the START of a project even if payment is currently on time, because:
- Which statement about surety bonds is TRUE?
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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)