NASCLA Exam Questions and Answers 100% CorrectNASCLA Exam Questions and Answers 100% CorrectNASCLA Exam Questions and Answers 100% CorrectNASCLA Exam Questions and Answers 100% CorrectNASCLA Exam Questions and Answers 100% CorrectPerformance Bond - ANSWER-Guarantees that the contractor will complet...
NASCLA Exam Questions and Answers 100% Correct
NursingTutor1 6/28/24 NASCLANASCLA Exam Questions and Answers 100% Correct NASCLA Exam Questions and Answers 100% Correct
Performance Bond - ANSWER-Guarantees that the contractor will complete a contract with in its time frame and conditions
Payment Bonds - ANSWER-Guarantees subcontractors and suppliers that they will be paid for work if they perform properly under a contract
Miller act of 1935 - ANSWER-Current law requiring performance and payment bond on a federal construction project value greater than $100,000
Maintenance bond - ANSWER-Guarantees that for stated Typically one year no defective workmanship or material will appear in the completed project
Completion bond - ANSWER-Provide assurance to the financial backers have a construction project but it will be completed on time
Fidelity bond - ANSWER-Covers business owners for losses due to dishonest act by there employees
Miller act amounts - ANSWER-50% on contracts less than 1 million 40% of contracts between one and 5 million 2.5 million payment bond for contracts in excess of 5 million
Lien bond - ANSWER-Guarantees that liens cannot be placed against the owners property by contractors for payment of service
Sub contractors bond - ANSWER-Protects the general contractor in the event that subcontractors do not fully perform the contract and or pay for labor and materials
Bank letter of credit - ANSWER-Is not a Bond but is it cash guaranteed to the owner it is
not a guarantee of performance but can be converted to a payment to the owner by a bank or lending institution
Warranties or guarantees - ANSWER-Defines the contractors responsibility for the repair of the fax to the construction project after the completion of the work warrantees are often set forth for a defined time.
Delays and extensions of time - ANSWER-Provides a contingency in case the completion deadline is not met delays at no fault of the contactor such as charges by the owner or the architect weather delays are generally not considered breach of contract
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