67. An owner wants assurance that the successful bidder will enter the contract if selected.
Which bond is most relevant?
A. Performance
bond
B. Bid bond
C. Labour and material payment bond
D. Fidelity bond
Ans. B
68. A contractor defaults during construction, and the
surety steps in under the bond.
Which bond is being triggered?
A. Bid bond
B. Performance bond
C. Payment bond
D. Home warranty
Ans. B
69. A supplier was not paid by the contractor and seeks
recovery under project security.
Which bond is most relevant?
A. Labour and
material payment bond
B. Bid bond
C. Maintenance bond only
D. Errors and omissions policy
Ans. A
70. A surety seeks reimbursement from the contractor after
paying under a bond.
This reflects:
A. Indemnity /
surety recourse
B. Tort contribution
C. Statutory holdback
D. Charter remedy
Ans. A
