NM General Contractor Practice Questions - New Mexico General Contractor Exam

According to the NASCLA guide, what is the difference between a 'bid bond' and a 'performance bond'?

A bid bond guarantees the bidder will enter the contract if awarded; a performance bond guarantees project completion They are the same type of bond A bid bond covers material costs; a performance bond covers labor A bid bond is for public projects; a performance bond is for private projects

Correct Answer:

A bid bond guarantees the bidder will enter the contract if awarded; a performance bond guarantees project completion

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