Exam (elaborations)
AFSB 151 - chapter 2 with 100- correct answers 2024
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AFSB 151 - chapter 2 with 100- correct answers 2024
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AFSB 151 -chapter 2 with
100% correct
answers 2024
Bid Bonds - answer a contract bond
guaranteeing that a contractor bidding on a
construction or supply contract will enter
into the contract and will provide a
performance bond if the bid is accepted
Miller Act - answer A federal law that
requires contractors to post separate
performance and payment bonds
guaranteeing payment for material and labor
provided on federal construction projects
valued over a statutory amount
, Mechanic's Lien - answer A lien, granted by
law to anyone who repairs a specific piece of
property, that secures payment for repairs
Maintenance bond - answer A contract bond
guaranteeing that the work will be free from
defects in materials and workmanship for a
specified period after the project is
completed
Subdivision bond - answer A contract bond
guaranteeing a local governmental authority
that a subdivision developer will complete
the subdivision in accordance with approved
proposals and at the developer's expense
Supply contract bond - answer A contract
bond guaranteeing that a supplier will
perform the designated supply contract
according to specifications
Compliance-only bonds - answer A
classification of bonds that guarantee that
the principal will comply with the applicable
laws for the business or activity.
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