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UAP Document 301 Practice Exam
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Who provides the guarantee for contractor's bonds?
CONTRACTOR
PROPOSAL
SURETY
DRAWINGS
Reveal Answer
Correct Answer:
SURETY
Explanation:
The guarantee for contractor’s bonds is provided by the surety. A bond is a three-party agreement where the surety (a guarantor, typically an insurance or bonding company) backs the contractor’s obligations to the project owner. The contractor (principal) buys the bond from the surety, paying a premium, and the surety agrees to cover damages or ensure completion if the contractor fails. This guarantees performance or payment up to the bond amount. The other options—contractor, proposal, and drawings—do not serve as the guarantor: the contractor is the one performing, a proposal is a bid, and drawings are design documents.
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