A Tier 3 contractor wants to bid on a $2.5 million project. The bonding requirement is 15% of contract value. What bond amount is required?
Correct Answer
A) $375,000
Bond amount = $2,500,000 × 15% = $375,000.
Why This Is the Correct Answer
Bond amount = $2,500,000 × 15% = $375,000.
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