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.

Structural Analysis
6th Edition
ISBN:9781337630931
Author:KASSIMALI, Aslam.
Publisher:KASSIMALI, Aslam.
Chapter2: Loads On Structures
Section: Chapter Questions
Problem 1P
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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.
Transcribed Image Text: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.
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