Metro City would like a pedestrian bridge constructed across Big Creek. The city will accept bids on the project until a specified date.
Bidders must submit a bid bond that guarantees if the bid is accepted, the bidder will sign the construction contract and furnish a bond that guarantees the construction work will be completed according to contract specifications. This second bond the bidder must post is a
A) performance bond.
B) payment bond.
C) maintenance bond.
D) completion bond.
Question 2
Which of the following statements is (are) true with respect to the kidnap/ransom and extortion coverage available through ISO's Commercial Crime Coverage program?
I. It covers the loss of money that is paid for ransom if someone is kidnaps.
II. It covers some indirect costs association with a kidnapping, such as hiring a hostage negotiator.
A) I only
B) II only
C) both I and II
D) neither I nor II
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