BCN 3740 Final Exam Questions With
Correct Answers
Bond |of |contractor |constructing |public |buildings |- |CORRECT |ANSWER✔✔-Florida |Statute |
255.05
doesn't |require |a |bond |- |CORRECT |ANSWER✔✔-State |under |100k
discretionary |- |CORRECT |ANSWER✔✔-State/City |between |100 |and |200k
requires |a |bond. |- |CORRECT |ANSWER✔✔-State |above |200k
10% |retainage, |when |project |at |50%, |retainage |reduced |to |5%. |- |CORRECT |ANSWER✔✔-
State/City |under |200k, |in |lieau |of |bond
bond |for |highest |amount, |with |min |of |$250M. |- |CORRECT |ANSWER✔✔-Project |in |excess |of |
$250M
sent |within |45 |days |after |first |day |of |work |- |CORRECT |ANSWER✔✔-Notice |of |Intent/Notice |to |
Contractor
people |above |you |including |contractor |and |surety |company |that |you |are |not |in |direct |contract
|with. |- |CORRECT |ANSWER✔✔-Who |do |you |send |a |Notice |of |Intent |to?
sent |within |90 |days |of |last |day |of |work. |- |CORRECT |ANSWER✔✔-Notice |of |Non |Payment
has |to |be |enforced |within |1 |year |of |last |day |of |work |- |CORRECT |ANSWER✔✔-Bond |enforcing
, shortens |bond |enforcement |to |60 |days. |- |CORRECT |ANSWER✔✔-Notice |of |Contest |bond |
enforcement |time
sent |by |clerks |office |and |starts |when |clerk |sends |letter. |- |CORRECT |ANSWER✔✔-who |sends |
the |notice |of |contest |and |when |does |the |time |start?
where |property |being |liened |is |located. |- |CORRECT |ANSWER✔✔-Where |is |a |lawsuit |filed |for |a |
lien |case?
shortens |enforcing |bond |claim |to |30 |days |or |bond |isn't |valid. |- |CORRECT |ANSWER✔✔-what |
does |a |Request |for |a |Sworn |Statement |of |Accounts |do?
To |sue |a |bond |for |retainage |can |be |extended |for |more |than |a |year. |- |CORRECT |ANSWER✔✔-
Time |limit |to |sue |for |retainage
No. |- |CORRECT |ANSWER✔✔-Does |the |contingent |payment |clause |apply |to |bonding |
companies?
subs |can |avoid |bankruptcy |court |of |the |contractor |goes |bankrupt. |- |CORRECT |ANSWER✔✔-
Why |is |suing |the |bonding |company |better?
60 |days. |- |CORRECT |ANSWER✔✔-Time |limit |for |bonding |company |to |pay |after |sub |has |won |
lawsuit
known |as |the |little |Miller |act. |Allows |for |attorneys |fees. |- |CORRECT |ANSWER✔✔-Federal |
Miller |Act |in |Statute |255.05
statute |337.18. |- |CORRECT |ANSWER✔✔-Bonds |for |FDOT |Projects |statute
Correct Answers
Bond |of |contractor |constructing |public |buildings |- |CORRECT |ANSWER✔✔-Florida |Statute |
255.05
doesn't |require |a |bond |- |CORRECT |ANSWER✔✔-State |under |100k
discretionary |- |CORRECT |ANSWER✔✔-State/City |between |100 |and |200k
requires |a |bond. |- |CORRECT |ANSWER✔✔-State |above |200k
10% |retainage, |when |project |at |50%, |retainage |reduced |to |5%. |- |CORRECT |ANSWER✔✔-
State/City |under |200k, |in |lieau |of |bond
bond |for |highest |amount, |with |min |of |$250M. |- |CORRECT |ANSWER✔✔-Project |in |excess |of |
$250M
sent |within |45 |days |after |first |day |of |work |- |CORRECT |ANSWER✔✔-Notice |of |Intent/Notice |to |
Contractor
people |above |you |including |contractor |and |surety |company |that |you |are |not |in |direct |contract
|with. |- |CORRECT |ANSWER✔✔-Who |do |you |send |a |Notice |of |Intent |to?
sent |within |90 |days |of |last |day |of |work. |- |CORRECT |ANSWER✔✔-Notice |of |Non |Payment
has |to |be |enforced |within |1 |year |of |last |day |of |work |- |CORRECT |ANSWER✔✔-Bond |enforcing
, shortens |bond |enforcement |to |60 |days. |- |CORRECT |ANSWER✔✔-Notice |of |Contest |bond |
enforcement |time
sent |by |clerks |office |and |starts |when |clerk |sends |letter. |- |CORRECT |ANSWER✔✔-who |sends |
the |notice |of |contest |and |when |does |the |time |start?
where |property |being |liened |is |located. |- |CORRECT |ANSWER✔✔-Where |is |a |lawsuit |filed |for |a |
lien |case?
shortens |enforcing |bond |claim |to |30 |days |or |bond |isn't |valid. |- |CORRECT |ANSWER✔✔-what |
does |a |Request |for |a |Sworn |Statement |of |Accounts |do?
To |sue |a |bond |for |retainage |can |be |extended |for |more |than |a |year. |- |CORRECT |ANSWER✔✔-
Time |limit |to |sue |for |retainage
No. |- |CORRECT |ANSWER✔✔-Does |the |contingent |payment |clause |apply |to |bonding |
companies?
subs |can |avoid |bankruptcy |court |of |the |contractor |goes |bankrupt. |- |CORRECT |ANSWER✔✔-
Why |is |suing |the |bonding |company |better?
60 |days. |- |CORRECT |ANSWER✔✔-Time |limit |for |bonding |company |to |pay |after |sub |has |won |
lawsuit
known |as |the |little |Miller |act. |Allows |for |attorneys |fees. |- |CORRECT |ANSWER✔✔-Federal |
Miller |Act |in |Statute |255.05
statute |337.18. |- |CORRECT |ANSWER✔✔-Bonds |for |FDOT |Projects |statute
