Contract bonds include all of the following, EXCEPT:

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Multiple Choice

Contract bonds include all of the following, EXCEPT:

Explanation:
Contract bonds are the guarantees tied to a construction contract that protect the project owner if the contractor doesn’t meet obligations. A bid bond ensures a bidder will enter into a contract if awarded and obtain the necessary performance and payment bonds. A performance bond protects the owner if the contractor fails to perform as specified. A maintenance bond covers defects that appear after completion during the warranty period. A permit bond, however, is a license or regulatory bond that guarantees compliance with laws or permit conditions, not obligations under a specific contract. Because it isn’t tied to fulfilling a construction contract, it’s not a contract bond.

Contract bonds are the guarantees tied to a construction contract that protect the project owner if the contractor doesn’t meet obligations. A bid bond ensures a bidder will enter into a contract if awarded and obtain the necessary performance and payment bonds. A performance bond protects the owner if the contractor fails to perform as specified. A maintenance bond covers defects that appear after completion during the warranty period. A permit bond, however, is a license or regulatory bond that guarantees compliance with laws or permit conditions, not obligations under a specific contract. Because it isn’t tied to fulfilling a construction contract, it’s not a contract bond.

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