Regarding insurance and bond, which of the following item(s) is/are correct?
A. The concept of “obligee” and “principal” are the entities involved in an insurance agreement.
B. Insurance echoes to the occurrence of an accident.
C. Indemnitors will pay the surety back for any losses that the surety incurs.
D. Bonds echoes to some kind of alleged failure of the principal to perform.
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Which of the following item is incorrect?
A. Compensable delay indicates the delay is resulted from the owner’s fault.
B. Excusable delay means the delay is resulted from the factors not resulted from both parties.
Compensable delay indicates the GC is not entitled to both EOT and profit.
D. Excusable delay makes GC entitled to EOT but generally not entitled to profit.
Suspensions Establish the authority of the contracting officer (CO) to order the contract to suspend, delay, or interrupt all the work______ cessation; leads to waste (ex. ______ of the crew) Contractor shall protect, store and secure The responsibility of the GC, then ______ should be negotiated
Terminations Terminations – cessations is ______ ______ / ______ terminations Force ______
The following item is INCORRECT about suspension or termination.
A. In general, suspensions do not leads to waste of resources, such as crew idling
B. Suspensions mean temporal cessation of work
C. Terminations indicate permanent cessations of the work
D. Terminations can be resulted from owner’s default
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