What is a bid bond, and how does it protect the owner?
What will be an ideal response?
The bid bond ensures that if a contractor is awarded the bid within the time specified, the contractor will enter into the contract and provide all other specified bonds. If they fail to do so without justification, the bond shall be forfeited to the owner. The amount forfeited shall in no case exceed the amount of the bond or the difference between the original bid and the next highest bid that the owner may, in good faith, accept.
You might also like to view...
This compartment is used in a revision history block to identify the location of the change on the print.
a. description b. location c. placement d. zone
When measuring battery voltage set the meter to read ________
A) AC volts B) Amperes (A) C) DC volts D) Hertz (Hz)
Technician A says that if brake fluid movement is observed in the reservoir when the service brake is depressed, there is air in the hydraulic system. Technician B says if venting (compensating) occurs, the master cylinder is usually operating okay. Which technician is correct?
A) Technician A only B) Technician B only C) Both Technicians A and B D) Neither Technician A nor B
Which switching device uses LEDs?
A) Magnetic reluctor B) Optical sensor C) Hall effect D) Pickup coil