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Quickbond Surety Bond Quiz

Your Company Name

Your Name

Email

There are 3 parties to a surety bond. Which one are is your company?

Surety

Obligee

Principal

Who has to pay the bonding company back if a claim is made on one of your bonds?

My company

Shareholders personally

Shareholder Spouses personally

None of the Above

All of the Above

What is the maximium size of the largest job you can potentially qualify for through Quickbond?

That limit refers to

Single Job Price

Bond Amount

The total job price of all projects I have bonds for at any given time

The total of the bond amounts for all projects I have bonds for at any given time

What is another name for an Agreement to Bond?

Who can make a claim on your Labour and Material Payment Bond?

My client - the Obligee

Anybody

Subcontractors and suppliers who have a direct contract with me on that job

Any subcontractor or supplier on that job

Fax copies of bonds are commonly accepted by obligees.

True

False

What bond(s) might be required at Tender Stage (when you are bidding on a job)

Performance Bond

Bid Bond

Maintenance Bond

Labour & Material Payment Bond

Agreement to Bond

As you get closer to closing time your price may change. If it increases more than 10% what happens?

What is the Quickbond limit for maintenance or warranty periods?

If you are low bidder on a tender you used a bond bond or agreement to bond for - and awarded a contract - but discover you made an error ... can you back out without reprocussions?

Yes

If you pay $250 for your bid bond - and you are awarded the contract are there going to be any more bonding costs?

Yes

Bond Rates are based on

Contract Amount

Bond Amount

If there is a special performance bond form included in a tender there is no point in sending that to Quickbond unless I am low.

True

False

Name the 3 stages of Construction

What happens if I forget to sign my bonds?

If one of your subs wanted to make a claim under your Labour and Material Payment Bond how long do they have to make that claim to the Bonding Company?

1. Standard Rates
2. Contract Price $200,000
3. 1 year Maintenance
4. Owner/Obligee supplied their own bond forms
5. 50% Performance and 50% Labour and Material Payment Bonds Needed

Please determine the Quickbond cost for the above project:

If I have a Quickbond facility and want to pursue a traditional bond facility can I do that through Lori?

yes

Can I deal with Lori for my insurance?

yes