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Louisiana Contractor's Exam - Business and Law

Terms in this set (14)

Bid Shopping
What occurs when bids are revealed to create more competition?
prevent double taxation
What benefits does an S corporation have?
12 weeks
How many weeks are employees entitled to under the Family Medical Leave Act
20 weeks
Federal Unemployment tax must be paid after an employee works ____ weeks
liabilities/assets
What is the debt ratio?
$50,000
A contractor's license is needed when the residential project is valued over ___
when signed
When is a contract considered accepted?
Quantity take off method
What is the most accurate method of estimate?
$100.000
Projects worth how much require bonds under the Miller Act?
Liquidity
assets/liability is which ratio?
Bid bond
performance bond
payment bond
Types of surety bonds
Bid Bond
promise to complete the project for the bid price and provide a performance and payment bond.
performance bond
promise that the project will be finished w/in the promised time and w/in spec.
payment bond
Promise that the employees, subcontractors and suppliers will be paid
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