FL Residential Practice Questions - Florida Certified Residential Contractor Examination Exam

A bid bond is most commonly expressed in what form for a private residential project bid?

A percentage of the bid amount, typically 5% to 10%, payable if the bidder fails to execute the contract A fixed dollar penalty equal to the full bid amount A performance guarantee that runs through the entire construction period A retainage withheld from each progress payment until completion

Correct Answer:

A percentage of the bid amount, typically 5% to 10%, payable if the bidder fails to execute the contract

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