hello i need short answers for these questions
1. What are the three major types of construction bonds? Why are they required?
2. Name three items that affect bonding capacity.
3. What type of bond guarantees that if a contractor goes broke on a project the surety will pay the necessary amount to complete the job?
4. What is the purpose of the following documents in a construction contract? Be concise. On sentence for each is enough.
a) General conditions
b) Special conditions
d) Technical specifications
5. Why is the contractor normally required to submit a bid bond when making a proposal to an owner on a competitively bid contract?
6. What is the purpose of the notice to bidders?
7. What are the TWO differences between liquidated damages and a penalty for late completion of the contract?
8. What is the purpose of retainage?
9. During what period can a contractor withdraw the bid without penalty?
10. Describe the procedure to be followed by the contractor who wishes to claim a time extension. What sort of documentation do you think is necessary to either refute or defend a time extension claim due to unusual weather? What sort of records do local contractors keep of weather conditions? (One Paragraph is enough)