Understanding Contract Bond Suretyship
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Understanding Contract Bond Suretyship
Study guide
mal_whaley
Practice questions for this set
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An engineer who designs and oversees the installation of electrical systems
in buildings
Choose an answer
1 Electrical engineer 2 Contract bond
, 3 Payment bond 4 Surety
Don't know?
Contract bond A surety bond given to secure performance on a
construction contract
Performance bond A bond required to ensure that the contractor will
complete the project according to the terms of the
contract
Payment bond A bond required to ensure that subcontractors and
suppliers will be paid for their services on a
bonded project
Bid bond A bond that provides financial assurance that the
contractor submitting a bid will be able to enter
into a contract and post performance and payment
bonds
Surety A company that provides the bond and guarantees
the performance of the contractor
Project financing The process of obtaining funds to pay for a
construction project
Construction loans Loans provided by financial institutions to fund the
construction of a project
Save
Students also studied
From the same upload Flashcard sets
Understanding Contract Bond Suretyship
Study guide
mal_whaley
Practice questions for this set
Learn 1 /7 Study with Learn
An engineer who designs and oversees the installation of electrical systems
in buildings
Choose an answer
1 Electrical engineer 2 Contract bond
, 3 Payment bond 4 Surety
Don't know?
Contract bond A surety bond given to secure performance on a
construction contract
Performance bond A bond required to ensure that the contractor will
complete the project according to the terms of the
contract
Payment bond A bond required to ensure that subcontractors and
suppliers will be paid for their services on a
bonded project
Bid bond A bond that provides financial assurance that the
contractor submitting a bid will be able to enter
into a contract and post performance and payment
bonds
Surety A company that provides the bond and guarantees
the performance of the contractor
Project financing The process of obtaining funds to pay for a
construction project
Construction loans Loans provided by financial institutions to fund the
construction of a project
