Bảo hiểm & Quyền cầm giữCâu 1561 / 1605
Which best describes the difference between the payment bond and the performance bond on the SAME project?
a.The payment bond guarantees the schedule
b.The payment bond protects subs/suppliers from nonpayment; the performance bond protects the owner from noncompletion
c.Both guarantee the same thing
d.The performance bond pays subcontractors
Giải thích
On a single project, the payment bond guarantees that subcontractors and suppliers get paid, while the performance bond guarantees that the contractor completes the work per the contract. They protect different beneficiaries against different risks.
Luyện miễn phí toàn bộ 1605 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- 'Employers' liability' coverage, usually part of a workers' compensation policy, protects the employer against:
- A direct contractor completed a private remodel on March 1. No notice of completion was ever recorded and the owner never occupied. The contractor's last day to record a mechanics lien is approximately:
- Requiring a subcontractor to provide a certificate of insurance BEFORE it starts work is a best practice primarily because it:
- A mechanics lien on a private project should describe the property with:
- 'Additional insured' status is most valuable to an upstream party (like an owner or GC) because it:
- A design professional (e.g., architect) who provided services for a private work of improvement authorized by the owner:
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Người kiểm duyệt Abraham Chen — Licensed California General Contractor (CSLB License #1101856 — kiểm tra)