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:

Social Security

A government program that provides financial assistance to people with inadequate or no income, primarily the elderly, disabled, and families with dependent children.

Medicare

A federal health insurance program in the United States for people age 65 and older, and for some younger people with disabilities.

Healthcare

A system, or series of services, aimed at maintaining or improving the health of individuals through prevention, diagnosis, treatment, and rehabilitation.

Federal Government

The national government of the United States, which consists of three branches: legislative, executive, and judicial.