A Class B contractor in Nevada wants to bid on a public works project valued at $750,000. What additional bonding requirement must be met?
Correct Answer
A) Payment and performance bonds equal to 100% of contract value
Nevada public works projects typically require both payment and performance bonds equal to 100% of the contract value for projects over certain thresholds.
Why This Is the Correct Answer
Nevada public works projects typically require both payment and performance bonds equal to 100% of the contract value for projects over certain thresholds.
More nv-supplement Questions
Under NRS 624, what is the minimum net worth requirement for a Class A General Contractor license in Nevada?
A Nevada contractor files a mechanics' lien for $45,000. What is the required bond amount to release this lien under NRS 108?
According to Nevada building codes, which edition of the International Building Code (IBC) is currently adopted for commercial construction?
A contractor receives a Notice of Disciplinary Action from the NSCB. Within how many days can they request a hearing to contest the action?
Which Nevada building code edition is currently adopted for commercial construction in most Nevada jurisdictions?
What is the minimum net worth requirement for a Nevada Class A general contractor license?
A contractor's employee is injured on a Nevada job site. The contractor lacks workers' compensation insurance. What is the potential penalty under NRS 624?
Under Nevada law, a contractor's workers' compensation insurance policy lapses on June 1st, and they continue working until June 15th before renewing. What is the potential consequence?
A general contractor hires a subcontractor who injures a worker on site. The subcontractor has no workers' compensation insurance. Under Nevada law, who is primarily liable for the claim?
A Nevada contractor fails to carry required workers' compensation insurance. What penalty can the Nevada Industrial Insurance System impose per day of non-compliance?
People Also Study
Business & Financial Management
120 questions · 70% to pass
Contract Administration
60 questions · 70% to pass
Project Management
60 questions · 70% to pass
Related Study Resources
Previous Question
According to Nevada workers' compensation requirements, which of the following contractors is exempt from carrying workers' compensation insurance?
Next Question
A contractor receives a complaint filed with the NSCB on March 15th. According to Nevada regulations, by what date must the contractor respond?