NASCLA Contractor's Guide Flashcards
Social security tax is calculated at the rate of:
6.2%
A partnership that is formed outside your state must register as what type of partnership?
Foreign partnership
What is the main purpose of insurance?
To supplement your risk against accidents and theft
Property insurance typically covers what type of loss
Your business and personal property when damage, theft or loss occurs
Which type of insurance provides coverage against claims exceeding the coverage provided the standard general liability?
Umbrella liability insurance
Which type of policy is an inland marine insurance product cover direct physical loss to mobile equipment while it is stored on premises, in transit, or at a temporary location?
An equipment floater policy
What policy bundles, property and liability coverage together?
Business owner policy
Type of bond that protects the owner that the contractor has submitted a bid in good faith
Bid bond
What bond is a guarantee for a stated period That no defective workmanship or materials will appear in the completed project?
Maintenance bond
On a 5.1 million dollar contract, what should be the value of the payment bond?
2.5 million
On a government contract valued at 2.6 million, the contract will be required to have a payment bond in the amount of?
1.04 million
One accurate method of estimating in which you individually estimate units of materials and labor for each task is known as
The quantity take-off method
I conceptual estimate generally uses cost models from previous projects and prepared to by?
The architect
Using the square foot method of estimating, the project costs a calculation of square footage of the project multiplied by a?
Cost unit
What is a contract?
A mutually understood agreement between two or more parties, each party having legal capacity
