The purpose of a bid bond is to... ..ensure that a contractor completes the project for their agreed upon bid price. O...ensure that a contractor pays their subcontractors and vendors. O ...ensure that a contractor's bid is accurate. O none of the above Sureties do not expect to pay claims, and because of that it can be very difficult to collect on a bond O True O False If a claim is made upon a bond, which of the following is an option for the surety? O Hire a new contractor O Pay the owner the value of the bond O Negotiate with the existing contractor to complete the job O all of the above A legally recognized obligation of an owner of a piece of property to pay an amount to another (such as subcontractor or supplier) is known as: O a contract. O a lien, O a bond. O none of the above
