Major differences between sureties and security, Civil Engineering

Assignment Help:

Question

What are major differences between sureties and security?


Answer

During construction contracts, if a contractor fails to carry out works, employer would experience from severe financial loss and then some forms of protection have to be established in contract.

For indemnity bond, contractor obtains a guarantee from a third party such as a bank or an insurance company that in return for a fee, agrees to start financial responsibility for performance of contractor's obligations. This third party will pay to employer in case there is a contractor's default.

For security, a sum of wealth is deposited in employer's account and upon reasonable fulfilment of contractor's obligations; sum will be repaid to contractor.

 

 


Related Discussions:- Major differences between sureties and security

Theory on the horizontal reactions of portal frames, Determine the horizont...

Determine the horizontal abutment reaction of a rectangular portal frame under increasing central concentrated load

What is rail lubricators, Q. What is Rail Lubricators? 1. P & M type of...

Q. What is Rail Lubricators? 1. P & M type of lubricators - These lubricators can be used for lubrication of FF rails as well as BH rails. 2. Elgi grease pump - Elgi Bucket

Timber, What is exogenous tree?

What is exogenous tree?

Energy dissipation at outlets - typical drainage outlet, Q. Energy dissipat...

Q. Energy dissipation at outlets - typical drainage outlet? Flow velocity at outlets is generally high. Without proper control of this energy, subsequent bank erosion can resu

Define circular channels flowing partially full, Define Circular Channels F...

Define Circular Channels Flowing Partially Full Two sets of curved lines on the Circular Channel Ratios figure (discharge Q/Q full and velocity v/v full ).  1.  "n" variabl

About distomat, what is distomat? functipns &properties

what is distomat? functipns &properties

Slump test, why only frustum cone use in slump

why only frustum cone use in slump

Wall method of estimation, 1. Can you enumerate the benefits of individual ...

1. Can you enumerate the benefits of individual wall method of estimation? 2. Estimate the single room of size 3m x 4m x height 3m  using individual wall method? 3. Which met

Physical evaluation of food grains, Q. Physical evaluation of food grains? ...

Q. Physical evaluation of food grains? Food grains are judged for quality by their physical, chemical and microbiological examination. The physical examination includes chec

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd