Write the three major types of construction bonds, its necessity, and mention three items that affect the bonding capacity.

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Answer 1

Question

Chapter 2, Problem 1RQE

To determine

Write the three major types of construction bonds, its necessity, and mention three items that affect the bonding capacity.

Expert Solution & Answer

Explanation of Solution

Names of three major types of construction bonds and their necessity:

Bid bonds:

It is a type of construction bond that safeguards a developer or an owner in a construction bidding process. It provides guarantee to the owner by a contractor to ensure if the contractor fails to honor the terms of the bid, the owner will be compensated.

Performance bonds:

A bond that is given to a contractor to guarantee the owner that the assigned work will be completed as per the requirements of owner with project specifications is a performance bond.

Payment bonds:

It is a surety bond that guarantees payments to subcontractors and material suppliers on the project that was bonded.

Three factors that affect the bonding capacity are as follows:

Status of costs
Payments
Disputes related to uncompleted work

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01:04

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Answer 2

Question

Chapter 2, Problem 1RQE

To determine

Write the three major types of construction bonds, its necessity, and mention three items that affect the bonding capacity.

Expert Solution & Answer

Explanation of Solution

Names of three major types of construction bonds and their necessity:

Bid bonds:

It is a type of construction bond that safeguards a developer or an owner in a construction bidding process. It provides guarantee to the owner by a contractor to ensure if the contractor fails to honor the terms of the bid, the owner will be compensated.

Performance bonds:

A bond that is given to a contractor to guarantee the owner that the assigned work will be completed as per the requirements of owner with project specifications is a performance bond.

Payment bonds:

It is a surety bond that guarantees payments to subcontractors and material suppliers on the project that was bonded.

Three factors that affect the bonding capacity are as follows:

Status of costs
Payments
Disputes related to uncompleted work

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01:04

Answer 3

Question

Chapter 2, Problem 1RQE

To determine

Write the three major types of construction bonds, its necessity, and mention three items that affect the bonding capacity.

Expert Solution & Answer

Explanation of Solution

Names of three major types of construction bonds and their necessity:

Bid bonds:

It is a type of construction bond that safeguards a developer or an owner in a construction bidding process. It provides guarantee to the owner by a contractor to ensure if the contractor fails to honor the terms of the bid, the owner will be compensated.

Performance bonds:

A bond that is given to a contractor to guarantee the owner that the assigned work will be completed as per the requirements of owner with project specifications is a performance bond.

Payment bonds:

It is a surety bond that guarantees payments to subcontractors and material suppliers on the project that was bonded.

Three factors that affect the bonding capacity are as follows:

Status of costs
Payments
Disputes related to uncompleted work

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01:04

Answer 4

Question

Chapter 2, Problem 1RQE

To determine

Write the three major types of construction bonds, its necessity, and mention three items that affect the bonding capacity.

Expert Solution & Answer

Explanation of Solution

Names of three major types of construction bonds and their necessity:

Bid bonds:

It is a type of construction bond that safeguards a developer or an owner in a construction bidding process. It provides guarantee to the owner by a contractor to ensure if the contractor fails to honor the terms of the bid, the owner will be compensated.

Performance bonds:

A bond that is given to a contractor to guarantee the owner that the assigned work will be completed as per the requirements of owner with project specifications is a performance bond.

Payment bonds:

It is a surety bond that guarantees payments to subcontractors and material suppliers on the project that was bonded.

Three factors that affect the bonding capacity are as follows:

Status of costs
Payments
Disputes related to uncompleted work

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

01:04

Answer 5

Chapter 2, Problem 1RQE

To determine

Write the three major types of construction bonds, its necessity, and mention three items that affect the bonding capacity.

Expert Solution & Answer

Explanation of Solution

Names of three major types of construction bonds and their necessity:

Bid bonds:

It is a type of construction bond that safeguards a developer or an owner in a construction bidding process. It provides guarantee to the owner by a contractor to ensure if the contractor fails to honor the terms of the bid, the owner will be compensated.

Performance bonds:

A bond that is given to a contractor to guarantee the owner that the assigned work will be completed as per the requirements of owner with project specifications is a performance bond.

Payment bonds:

It is a surety bond that guarantees payments to subcontractors and material suppliers on the project that was bonded.

Three factors that affect the bonding capacity are as follows:

Status of costs
Payments
Disputes related to uncompleted work

Answer 6

Chapter 2, Problem 1RQE

To determine

Write the three major types of construction bonds, its necessity, and mention three items that affect the bonding capacity.

Expert Solution & Answer

Explanation of Solution

Names of three major types of construction bonds and their necessity:

Bid bonds:

It is a type of construction bond that safeguards a developer or an owner in a construction bidding process. It provides guarantee to the owner by a contractor to ensure if the contractor fails to honor the terms of the bid, the owner will be compensated.

Performance bonds:

A bond that is given to a contractor to guarantee the owner that the assigned work will be completed as per the requirements of owner with project specifications is a performance bond.

Payment bonds:

It is a surety bond that guarantees payments to subcontractors and material suppliers on the project that was bonded.

Three factors that affect the bonding capacity are as follows:

Status of costs
Payments
Disputes related to uncompleted work

Answer 7

Chapter 2, Problem 1RQE

To determine

Write the three major types of construction bonds, its necessity, and mention three items that affect the bonding capacity.

Answer 8

Expert Solution & Answer

Explanation of Solution

Names of three major types of construction bonds and their necessity:

Bid bonds:

It is a type of construction bond that safeguards a developer or an owner in a construction bidding process. It provides guarantee to the owner by a contractor to ensure if the contractor fails to honor the terms of the bid, the owner will be compensated.

Performance bonds:

A bond that is given to a contractor to guarantee the owner that the assigned work will be completed as per the requirements of owner with project specifications is a performance bond.

Payment bonds:

It is a surety bond that guarantees payments to subcontractors and material suppliers on the project that was bonded.

Three factors that affect the bonding capacity are as follows: