AFSB 152: Analyzing Contract Surety Bonding Exam with all Correct &
100% Verified Answers |Latest Version |Already Graded A+
Surety bond - (ANSWER)A written contract that expresses one party's promise to answer for another
party's failure to do something as promised.
Surety - (ANSWER)The party (usually an insurer) to a surety bond that guarantees to the oblige that the
principal will fulfill an obligation or perform as required by the underlying contract, permit, or law.
Obligee - (ANSWER)The party to a surety bond that receives the surety's guarantee that the principal will
fulfill an obligation or perform as promised.
Principal - (ANSWER)The party to a surety bond whose obligation or performance the surety guarantees.
Suretyship - (ANSWER)The obligation of one entity to answer for the debt, default, or miscarriage of
performance of duties by another entity.
Contract bond - (ANSWER)A surety bond guaranteeing the fulfillment of obligations under construction
contracts or other types of contracts.
Bid bond - (ANSWER)A contract bond guaranteeing that a contractor bidding on a construction or supply
contract will enter into the contract and will provide a performance bond if the bid is accepted.
Design/build - (ANSWER)A construction method that offers "one-stop shopping" to design and
construction services.
Construction mortgage - (ANSWER)A loan that provides financing during the construction period.
The owner usually pays interest on the funds borrowed but makes no principal payment.
Permanent mortgage - (ANSWER)A loan that provides financing after construction is complete.
, AFSB 152: Analyzing Contract Surety Bonding Exam with all Correct &
100% Verified Answers |Latest Version |Already Graded A+
Payments to the lender include both interest and principal, and the mortgage is expected to be in effect
for a number of years.
Subcontractor (specialty contractor) - (ANSWER)An independent contractor who specializes in a
particular kind of work and who is engaged by a general contractor to perform a particular portion of the
general contractor's contract.
Mobilization - (ANSWER)The process before the construction begins that involves initial activities to
facilitate a construction process, such as moving equipment and a field office onto the job site and
installing temporary utilities.
Critical path method (CPM) - (ANSWER)A process that identifies every major element of the construction
project, as well as a time estimate for each element, and assembles these elements into one master
schedule.
Punch list - (ANSWER)A list of small finishing tasks that must be accomplished for completion.
General building contractor - (ANSWER)An independent contractor who obtains the primary contract for
a project and either completes all the work or subcontracts portions (or all) of the work to other
independent contractors who specialize in such work.
General engineering Contractor - (ANSWER)A contractor that constructs locks and dams, power plants,
large bridges, sewage and water treatment plants, or similar projects for public and private owners.
Heavy and highway construction - (ANSWER)A type of construction used for highways, bridges, dams,
roads, railroad beds, and similar projects.
Material Supplier - (ANSWER)Manufacturer or distributor that sells materials and equipment.
100% Verified Answers |Latest Version |Already Graded A+
Surety bond - (ANSWER)A written contract that expresses one party's promise to answer for another
party's failure to do something as promised.
Surety - (ANSWER)The party (usually an insurer) to a surety bond that guarantees to the oblige that the
principal will fulfill an obligation or perform as required by the underlying contract, permit, or law.
Obligee - (ANSWER)The party to a surety bond that receives the surety's guarantee that the principal will
fulfill an obligation or perform as promised.
Principal - (ANSWER)The party to a surety bond whose obligation or performance the surety guarantees.
Suretyship - (ANSWER)The obligation of one entity to answer for the debt, default, or miscarriage of
performance of duties by another entity.
Contract bond - (ANSWER)A surety bond guaranteeing the fulfillment of obligations under construction
contracts or other types of contracts.
Bid bond - (ANSWER)A contract bond guaranteeing that a contractor bidding on a construction or supply
contract will enter into the contract and will provide a performance bond if the bid is accepted.
Design/build - (ANSWER)A construction method that offers "one-stop shopping" to design and
construction services.
Construction mortgage - (ANSWER)A loan that provides financing during the construction period.
The owner usually pays interest on the funds borrowed but makes no principal payment.
Permanent mortgage - (ANSWER)A loan that provides financing after construction is complete.
, AFSB 152: Analyzing Contract Surety Bonding Exam with all Correct &
100% Verified Answers |Latest Version |Already Graded A+
Payments to the lender include both interest and principal, and the mortgage is expected to be in effect
for a number of years.
Subcontractor (specialty contractor) - (ANSWER)An independent contractor who specializes in a
particular kind of work and who is engaged by a general contractor to perform a particular portion of the
general contractor's contract.
Mobilization - (ANSWER)The process before the construction begins that involves initial activities to
facilitate a construction process, such as moving equipment and a field office onto the job site and
installing temporary utilities.
Critical path method (CPM) - (ANSWER)A process that identifies every major element of the construction
project, as well as a time estimate for each element, and assembles these elements into one master
schedule.
Punch list - (ANSWER)A list of small finishing tasks that must be accomplished for completion.
General building contractor - (ANSWER)An independent contractor who obtains the primary contract for
a project and either completes all the work or subcontracts portions (or all) of the work to other
independent contractors who specialize in such work.
General engineering Contractor - (ANSWER)A contractor that constructs locks and dams, power plants,
large bridges, sewage and water treatment plants, or similar projects for public and private owners.
Heavy and highway construction - (ANSWER)A type of construction used for highways, bridges, dams,
roads, railroad beds, and similar projects.
Material Supplier - (ANSWER)Manufacturer or distributor that sells materials and equipment.
