Where are the terms and provisions of the bond described? a. The invoice for the

Question

Where are the terms and provisions of the bond described? a. The invoice for the premium b. The construction contract between the owner and contract c. The project specifications d. The Commercial General Liability insurance policy e. The bond itself What type of bond provides a guarantee the prime contractor will the contract? a. Performance Bond b. Payment Bond c. Bid Bond d. James Bond What type of bond provides a guarantee the prime contractor will pay suppliers? a. Performance Bond b. Payment Bond c. Bid Bond d. James Bond True or False: a surety is a party that agrees to assume liability for to perform a. True b. False. True or False: violating a bond is a type of tort a. True b. False True or False: a bond is a type of insurance policy a. True b. False

Explanation / Answer

19.d)The commercial General liability Policy

20.a) Performance Bond provides the gurantee that the contractor will finish the contract.

21. b)Payment Bond provides the gurantee that contractor will pay the suppliers.

22.True

23.False

24. True

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