AFSB 152 Exam Questions and Answers 100% Solved

AFSB 152 Exam Questions and Answers 100% Solved Surety bond ✔️✔️A written contract that expresses one party's promise to answer for another party's failure to do something as promised. Surety ✔️✔️The party(usually an insurer) to a surety bond that guarantees to the obligee that the principal will fulfill an obligation or perform as required by the underlying contract, permit, or law. Obligee ✔️✔️The party to a surety that receives the surety's guarantee that the principal will fulfill an obligation or perform as promised. Principal ✔️✔️The party to a surety bond whose obligation or performance the surety guarantees. Suretyship ✔️✔️The obligation of one entity to answer for the debt, default, or miscarriage of performance of duties by another entity. Contract bond ✔️✔️A surety bond guaranteeing the fulfillment of obligations under construction contracts or other types of contracts. Bid bonds ✔️✔️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 ✔️✔️A construction method that offers "one stop shopping" to property owners for design and construction services. Construction mortgage ✔️✔️A loan that provides financing during the construction period. Permanent mortgage ✔️✔️A loan that provides financing after construction is complete. Subcontractor ✔️✔️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. AKA (specialty contractor) Mobilization ✔️✔️The process before 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 ✔️✔️A process that identifies every major element of the project, as well as a time estimate for each element, and assembles these elements into one master schedule. (CPM) Punch list ✔️✔️A list of small finishing tasks that must be accomplished for completion. General building contractor ✔️✔️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 ✔️✔️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 ✔️✔️A type of construction used for highways, bridges, dams, roads, railroad beds, and similar projects.