MI Builders License - Insurance, bonds, liens (2022/2023) Rated A

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MI Builders License - Insurance, bonds, liens (2022/2023) Rated A Which document designates an official start of a construction prioject? ✔✔Notice of commencement Which document provides proof... that a contractor/supplier provided labor/materials to a project? ✔✔Notice of furnishing Which type of document verifies that a notice of furnishing has been delivered and helps to establish lien rights? ✔✔Proof of service of notice of furnishing Contractors/suppliers are required to submit a notice of furnishing within ____ of providing goods/services? ✔✔20 days Laborers are required to submit a notice of furnishing within ____ after wages are due. ✔✔30 days Which document provides a list of individuals who provided labor/materials to a project that are owed money? ✔✔Sworn statement Which document ensures that the correct people get paid? ✔✔Sworn statement Which type of document indicates a full payment was received and there is no claim of lien? ✔✔Full unconditional waiver Which type of document indicates that there will be no claim of lien as soon as full payment/some other condition has been met? ✔✔Full conditional waiver Which type of document indicates a receipt for partial payment? ✔✔Partial unconditional waiver Which document places a hold on the legal description of the property at the deeds office? ✔✔Claim of lien Which document provides proof that a claim or lien has been posted? ✔✔Proof of service of claim of lien Which type of insurance protects the construction project and materials from external forces? ✔✔All risk Which type of insurance protects the contractor's office and related equipment? ✔✔Contractors property Which type of insurance protects the contractor from non-employee injuries or damages cause by the contractor's property? ✔✔Liability Which type of insurance protests the contractor in cases related to employees legally driving company vehicles for business? ✔✔Automobile Which type of insurance protects the contractor from additional financial damages from a lawsuit by an employee claiming work related injury? ✔✔Workers compensation Which type of insurance provides risk protection to an employer who has an employee injured or killed in a work related accident? ✔✔Employers liability Which type of insurance assures that the title to the property is vested in that purchaser and free from all defects? ✔✔Title Who provides liability insurance? ✔✔Subcontractor Who provides workers compensation insurance? ✔✔Subcontractor Who provides automobile insurance for company vehicles? ✔✔Subcontractor Which type of bond does the contractor guarantee they will perform the scope of work, usually has a security dollar amount? ✔✔Bid Which type of bid bond does the contractor lose the entire bond to the owner of the contractor defaults? ✔✔Liquidated damages Which type of bid bond does the contractor have to pay the next lowest bid the bond difference if they default? ✔✔Difference in price Which type of bond guarantees that the contractor will complete the project for the estimated sum? ✔✔Performance Which type of bond guarantees that the subcontractors and suppliers will be paid by the general contractor? ✔✔Payment [Show More]

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