NASCLA Contractors Guide || All Questions Answered Correctly.
7 views 0 purchase
Course
NASCLA Contractors
Institution
NASCLA Contractors
market analysis correct answers major competitors
Financial Plan correct answers projection
Advantage of a Sole Proprietorship correct answers Freedom in decision-making process
Disadvantage of a Sole Proprietorship correct answers Unlimited personal liability
Partnership correct answer...
NASCLA Contractors Guide || All Questions Answered Correctly.
market analysis correct answers major competitors
Financial Plan correct answers projection
Advantage of a Sole Proprietorship correct answers Freedom in decision-making process
Disadvantage of a Sole Proprietorship correct answers Unlimited personal liability
Partnership correct answers each partner expects to share in the profits and losses of the business.
Two types of partnerships- General and limited
Disadvantages of a General Partnership correct answers Unlimited personal liability of general partners.
Partnership dissolves in the event of the death of a general partner.
Purpose of Licensing correct answers A major purpose of licensing is to protect the health, safety, and welfare of the public
VA Board for Contractors correct answers 7 licensed contractor members
Licensing Requirements: Exemptions correct answers Any material supplier
Class A correct answers Single contract - $120,000 or more
12-month - $750,000 or more
License classes are determined by correct answers Net worth
Class A
Class B correct answers $45,000
$15,000
License Renewals correct answers license expire two years must file renewal form
within 30 days of the license expiration fees are not received within 30 days must reinstate the license
Changes correct answers change of designated employee 90 days
change of a business/trade name 30 days change of address 30 days
Prohibited act correct answers Failure to maintain all documents relating to contract 5 years Recovery Fund correct answers to homeowners per claimant $20,000
per contractor $40,000
$25 assessment minimum balance set at $400,000
If the balance of the fund falls below assessment will not exceed $50
Property Insurance correct answers covers your business and personal property
Named Peril Builders' Risk Insurance correct answers Water damage
Transportation Floater and Motor Truck Cargo Insurance correct answers damage that occurs to freight during transport
Commercial General Liability (CGL) correct answers bodily injury that results in actual physical
damage or loss for individuals who are not employees.
damage or loss to property not belonging to the business.
Key Man Life Insurance correct answers partnership
if one of the partners died
Workers' Compensation Insurance correct answers for employees who are injured on the job. purchased by the employer
VA Coverage Requirements correct answers Under VA Law Three or more full-time or part-time employees
Subcontractors correct answers verify their insurance coverage
Bond correct answers is a risk transfer between a surety, the contractor, and project owner
Types of Bonds correct answers Bid bond - will do work at the submitted bid price Performance bond - complete a contract Payment bond - subcontractors and suppliers will be paid
Miller Act correct answers for federally funded projects
Construction Industry Payment Protection Act of 1999 correct answers Miller Act payment bond
protections subcontractor
If changes are made to a bid package before it is due correct answers Addendum is issued
Determining Estimated Costs correct answers quantity take-off method
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Mansanto. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.19. You're not tied to anything after your purchase.
