6. Match the following terms with the most correct explanation Term Explanation Payment Bond Provides the owner with an amount to cover the damages/costs if the apparent low withdraws Bid Bond Provides the owner with a means for completing the work if the contractor cannot complete it. Lien Protects suppliers, subcontractors and employees Non-payment by the General Contractor Performance Bond Used primarily in private contracting; the General contractor and first-tier subcontractors place a debt upon the facility if they haven't been paid.

6. Match the following terms with the most correct explanation Term Explanation Payment Bond Provides the owner with an amount to cover the damages/costs if the apparent low withdraws Bid Bond Provides the owner with a means for completing the work if the contractor cannot complete it. Lien Protects suppliers, subcontractors and employees Non-payment by the General Contractor Performance Bond Used primarily in private contracting; the General contractor and first-tier subcontractors place a debt upon the facility if they haven't been paid.

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter13: Pricing Subcontractors' Work

Section: Chapter Questions

Problem 6RQ

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Similar questions

What type of bond guarantees that if a contractor goesbankrupt on a project the surety will pay the necessaryamount to complete the job?
Is the final amount paid to a contractor under a unitprice contract limited by the quantities of materials or work shown in the original Bid Schedule?
Describe the procedure of how partial payments to the contractor is done?
IDENTIFY1. Variation orders to the contract may be _________ wherein the revisedcontract amount after applying a variation to the scope of works will havean additional.2. Variation orders to the contract may be _________ wherein the revisedcontract amount after applying a variation to the scope of works will notchange it.3. These are the costs that are not physically seen while implementing theproject.
Are the quantities of supplies or work stated in the original Bid Schedule used to determine the final amount paid to a contractor under a unitprice contract?
Can the contractor, attempt to interpret the strict orders of specifications to prepare the bid?
What is the procedure of the punch list obligations followed by the contractor?
1. True or False? A payment bond provides the construction contractor a guarantee that they will receive timely payment for properly completed work 2. True or False? The terms price and cost are the same thing as it applies to a construction estimate. 3. From the following list, which item is least governing when interpreting a contract requirement?a. The Contract Agreementb. Amendments to the Contract Agreementc. Section view drawingsd. Specifications
A contractor provided a surety bond as required by the bid specification for the building project. In this situation, the contractor is referred to Producer Surety Oblige Principle
On the typical project, which are the twoprime contracts made with the owner?
Does the work covered in a construction contract include a stated gaurantee period?
Define the term fixed-price contracts?