In a Typical Building Project, the GC Must Provide (And

question 67

Essay

In a typical building project, the GC must provide (and pay for)all three surety bonds-bid bond, performance bond, and payment bond-to the owner. In certain situations, the owner may waive bid bond requirement. Mention one such situation.

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Definitions:

Escalation Of Commitment

A decision-making error in which individuals or groups continue to invest in a failing course of action based on the time, money, or resources they have already committed.

Systematic Way

An organized, methodical approach to procedures or activities, often characterized by order and planning.

Positive Mood

A psychological state characterized by feelings of joy, satisfaction, and increased energy.

Decision Making

The act of making choices by identifying a decision, gathering information, and assessing alternative resolutions.