In the Event the Bidder Does Not Make Proper Payment

question 4

Multiple Choice

In the event the bidder does not make proper payment to its suppliers, the bond that protects the buyer against liens that might be granted to these suppliers, is called a:

• A) performance bond.
• B) surety bond.
• C) bid bond
• D) payment bond.
• E) lien bond.

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Definitions:

Tight Bureaucracy

A highly structured organizational form with strict rules, procedures, and hierarchy, emphasizing control and consistency.

Contingency Perspective

An approach suggesting that the best management practices depend on the circumstances of a situation or environment.

Predictable Environment

A setting or situation where changes and conditions can be anticipated with a high degree of certainty.

Inventory Analysis

The examination of inventory to determine the optimal stock levels, turnover rates, and ordering practices.