tec 226 exam 3
what is a payment bond - Answers -protects the owner if the subs/suppliers are not paid
by prime contractor.
how long is a bond good for - Answers -the life of the contract
what is the maximum amount of bonding that a company will do (maximum amount of
work) - Answers -100% of the contractor's price
what is the word when the gc goes back on the party that caused a problem? - Answers
-litigation
what is the name for insurance payments - Answers -premium
can workers comp be denied - Answers -yes, if they are guilty or intoxicated
what are the benefits of workers compensation - Answers -it covers medical expenses,
hospitalization costs, and disability payments.
what is the experience modification rating? - Answers -a measure of insurance use of
"workers compensation" insurance
what damages does general liability insurance cover? - Answers -bodily injury, and
property damages caused by third parties.
most liability claims fall under what 2 categories? - Answers -premises/operations
what is the property insurance used on a project called? - Answers -builders risk
insurance
when should you require insurance to be in place? - Answers -before the project begins
what is the best place to put alternate dispute resolution methods? - Answers -
mediation
what traits do mediators have? - Answers -they tend to be very good at what they do
what is the best way to avoid disputes? - Answers -do a teambuilding activity before the
project starts
what safety act is known as the osha act - Answers -williams steiger act or occupational
health and safety act
what is a payment bond - Answers -protects the owner if the subs/suppliers are not paid
by prime contractor.
how long is a bond good for - Answers -the life of the contract
what is the maximum amount of bonding that a company will do (maximum amount of
work) - Answers -100% of the contractor's price
what is the word when the gc goes back on the party that caused a problem? - Answers
-litigation
what is the name for insurance payments - Answers -premium
can workers comp be denied - Answers -yes, if they are guilty or intoxicated
what are the benefits of workers compensation - Answers -it covers medical expenses,
hospitalization costs, and disability payments.
what is the experience modification rating? - Answers -a measure of insurance use of
"workers compensation" insurance
what damages does general liability insurance cover? - Answers -bodily injury, and
property damages caused by third parties.
most liability claims fall under what 2 categories? - Answers -premises/operations
what is the property insurance used on a project called? - Answers -builders risk
insurance
when should you require insurance to be in place? - Answers -before the project begins
what is the best place to put alternate dispute resolution methods? - Answers -
mediation
what traits do mediators have? - Answers -they tend to be very good at what they do
what is the best way to avoid disputes? - Answers -do a teambuilding activity before the
project starts
what safety act is known as the osha act - Answers -williams steiger act or occupational
health and safety act
