AFSB 152 Exam Questions and
Answers 100% Solved
Surety bond ️️A written contract that expresses one party's promise to answer for another
party's failure to do something as promised.
Surety ️️The party(usually an insurer) to a surety bond that guarantees to the obligee that
the prin...
AFSB 152 Exam Questions and Answers 100% Solved Surety bond ✔️✔️A written contract that expresses one party's promise to answer for another party's failure to do something as promised. Surety ✔️✔️The party(usually an insurer) to a surety bond that guarantees to the obligee that the principal will fulfill an obligation or perform as required by the underlying contract, permit, or law. Obligee ✔️✔️The party to a surety that receives the surety's guarantee that the principal will fulfill an obligation or perform as promised. Principal ✔️✔️The party to a surety bond whose obligation or performance the surety guarantees. Suretyship ✔️✔️The obligation of one entity to answer for the debt, default, or miscarriage of performance of duties by another entity. Contract bond ✔️✔️A surety bond guaranteeing the fulfillment of obligations under construction contracts or other types of contracts. Bid bonds ✔️✔️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. Design/build ✔️✔️A construction method that offers "one stop shopping" to property owners for design and construction services. Construction mortgage ✔️✔️A loan that provides financing during the construction period. Permanent mortgage ✔️✔️A loan that provides financing after construction is complete. Subcontractor ✔️✔️An independent contractor who specializes in a particular kind of work and who is engaged by a general contractor to perform a particular portion of the general contractor's contract. AKA (specialty contractor) Mobilization ✔️✔️The process before construction begins that involves initial activities to facilitate a construction process, such as moving equipment and a field office onto the job site and installing temporary utilities. Critical path method ✔️✔️A process that identifies every major element of the project, as well as a time estimate for each element, and assembles these elements into one master schedule. (CPM) Punch list ✔️✔️A list of small finishing tasks that must be accomplished for completion. General building contractor ✔️✔️An independent contractor who obtains the primary contract for a project and either completes all the work or subcontracts portions (or all) of the work to other independent contractors who specialize in such work. General engineering contractor ✔️✔️A contractor that constructs locks and dams, power plants, large bridges, sewage and water treatment plants, or similar projects for public and private owners. Heavy and highway construction ✔️✔️A type of construction used for highways, bridges, dams, roads, railroad beds, and similar projects.
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 GOLDTUTORS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
