Payment bonds
A) assure lower-tiered Contractors they will be paid
B) bind the Owner and the Contractor to mutual exchange of money in the event of a Subcontractor default
C) are calculated based on the amount of risk involved in the project
D) are required on any project that has a Pay if Paid clause
Correct Answer:
Verified
Q7: Failure to inform of a claim against
Q8: The bonding company is often concerned about
Q9: Performance and payment bonds are usually issued
Q10: Bonds are another form of insurance
Q11: The three Cs of bonding are Character,
Q12: A Responsive bidder has filled the forms
Q13: A responsible bidder is one that has
Q14: The Miller Act requires bonding on Federal
Q15: Second-tier Subcontractors are also referred to as
Q16: A Cardinal change is an important change
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