State X hired Build-Right Construction to build a bridge. State X required that construction be completed within 2 years after the contract was signed. Les Johnson is the president of Build-Right

State X required that Build-Right's promise to perform be guaranteed by a third party. Build-Right purchased a performance bond from Rock Solid Indemnity. The bond requires Rock Solid to be responsible if Build-Right does not have the project completed on time. In this scenario, which party is the obligee?
A) State X
B) Build-Right Construction
C) Les Johnson
D) Rock Solid Indemnity

Answer: A

Business

You might also like to view...

The focus of an organized system of financial records is to reduce credit card usage.

a. true b. false

Business

Like all tax-sheltered retirement accounts, an IRA is not an investment but rather a tax-sheltered account in which to make and hold investments

a. True b. False

Business