This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What are the five types of surety bonds used in construction? What are the purposes of each type of ... (Read 68 times)

Lisaclaire

  • Hero Member
  • *****
  • Posts: 569
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Moriaki

  • Sr. Member
  • ****
  • Posts: 341
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

  • Member
  • Posts: 569
Reply 2 on: Jul 26, 2018
YES! Correct, THANKS for helping me on my review

milbourne11

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

The FDA recognizes 118 routes of administration.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Summary of Viral Hepatitis Types Summary of Viral Hepatitis Types
Various types of cells within the human body. Various types of cells within the human body.
The arms can be moved in and out and most pads can be rotated to allow for many different types of ... The arms can be moved in and out and most pads can be rotated to allow for many different types of ...
Types of supercoiling found in chromosomes Types of supercoiling found in chromosomes
Types of Levers Types of Levers
Types of Movement at Synovial Joints Types of Movement at Synovial Joints
Video: Bulk flow - factors that influence bulk flow

For a complete list of videos, visit our video library