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Author Question: What are the five types of surety bonds used in construction? What are the purposes of each type of ... (Read 55 times)

Lisaclaire

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on: Jul 26, 2018
What are the five types of surety bonds used in construction? What are the purposes of each type of bond?
 
  What will be an ideal response?

Question 2

What are the responsibilities of a bonding agent?
 
  What will be an ideal response?


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Moriaki

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Reply #1 on: Jul 26, 2018
Answer to Question 1

The five types of surety bonds used in the construction industry are: (1) A bid bond guarantees the obligee that the bidder will meet all contact requirements and accept award of the contract at the price bid. (2) A performance bond guarantees that the contractor will perform according to the terms of the contract. (3) A labor and materials bond guarantees that the contractor will pay anyone who contributed labor or materials to the project. (4) A maintenance bond guarantees that the contractor will respond to all warranty calls during the warranty period. (5) A supply bond guarantees that a material supplier will comply with the terms of a supply contract.

Answer to Question 2

Bonding agents help construction companies establish bonding programs by selecting the most advantageous bonding agreements with appropriate bonding companies.


Lisaclaire

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Reply 2 on: Jul 26, 2018
YES! Correct, THANKS for helping me on my review

Joy Chen

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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