Question Description
Codes Contract & Spec ECC-204
Group Exercise 4
1. In what ways are surety bonds not like insurance policies?
2. What is the limit of liability of a surety if the contractor defaults?
3. What does the bid bond promise to the owner?
4. What rights does a surety have in the event of a contractor default?
5. What party or parties are given the most protection by a performance bond? By payment bond?
6. Give an example in which a surety may not be forced to honor the bond in the event of a contractor default.
7. What information should be included in an advertisement that does not relate directly to the nature or scope of a project to be constructed?
8. What is the purpose of a short list?
9. What type of information might be requested of a contractor who wishes to be prequalified for a construction project?
10. Give an example of an irregular or nonconforming bid.
11. Under what conditions might the low bidder be able to withdraw the bid, even
though the bids have already been opened?
12. What unique risks are taken by a contractor who is not licensed?
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