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
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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
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- Can the contractor, attempt to interpret the strict orders of specifications to prepare the bid?What type of bond guarantees that if a contractor goesbankrupt on a project the surety will pay the necessaryamount to complete the job?Why is the contractor normally required to submit a bidbond when making a proposal to an owner on a competitivelybid contract?
- 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?What is meant by; Defects liability period, liquidates damages, cost planning, bid bond, subcontracting, retention sum, interim certificate and final certificate?On the typical project, which are the twoprime contracts made with the owner?
- Which of the following listed documents is the preferred location for specifying the amount of liquidated damages? Which document normally is used to specify the terms and conditions of the liquidated damages?Notice Inviting Bids Instructions to Bidders Bid or Proposal AgreementGeneral Conditions of the Contract Supplementary General ConditionsDivision 01 General RequirementsBriefly Explain the following points based on Ethiopian Federal Government Procurement and Property Administration Proc. No. 649/2009 (Definition, process and conditions of application) A) Request for Proposals B) Two-stage BiddingUpon opening of the second envelope contractor ABC with the lowest calculated bid was determined. However the contractor ABC declined to push through with the contract. To whom should the contract now be awarded? Describe the process from the refusal of contractor ABC to the award of contract.