What types of bonds are required to be provided by a bidder/contractor on a public works contract?
What types of bonds are required to be provided by a bidder/contractor on a public works contract?
Construction Materials, Methods and Techniques (MindTap Course List)
4th Edition
ISBN:9781305086272
Author:William P. Spence, Eva Kultermann
Publisher:William P. Spence, Eva Kultermann
Chapter4: The Building Site
Section: Chapter Questions
Problem 6RQ
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What types of bonds are required to be provided by a bidder/contractor on a public works contract?
Expert Solution
Step 1
A public works contractor is anybody that enters or bids on a contract to execute work which requires the payment of general wages.
A bond is a term of guarantee in the contract to be fulfilled. If the contracted party fails to complete its work corresponding to the terms in the contract then the client can claim against the bond to recover the losses.
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