Consider this relationship between the owner and contractor by examining the role that construction bonding plays as bids are made and design and construction begins.
Specifically,address the following questions:Why is bonding necessary in the construction industry? For each type of bond, briefly describe a scenario that demonstrates when the use of eachtype would be appropriate.What are the bonding requirements of public and private sector construction projects in your locale? Cite examples of public and private sectorconstruction projects in your response and note the type of bonds that are applicable.
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