Engineering Board Exam Reviewer · ECE · medium
A surety bond in construction is a contract in which a surety company:
- Pays the contractor's salaries
- Designs the project
- Undertakes to be solidarily liable with the contractor for the contractor's obligation
- Supervises construction
Answer
C. Undertakes to be solidarily liable with the contractor for the contractor's obligation
Solution
Performance and payment bonds are common types.
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