In this ARE 5.0 Construction and Evaluation Exam Prep course you will learn about the topics covered in the ARE 5.0 CE exam division. A complete and comprehensive curriculum, this course will touch on each of the NCARB objectives for the ARE 5.0 Construction and Evaluation Exam.
Instructor Mike Newman will discuss issues related to bidding and negotiation processes, support of the construction process, and evaluation of completed projects.
When you are done with this course, you will have a thorough understanding of the content covered in the ARE 5.0 Construction and Evaluation Exam including construction contract execution, construction support services, payment request processing, and project closeout.
*NCARB does not endorse this Tutorial, is not responsible for any of the content of this Tutorial, and by taking the Tutorial each individual agrees not to look to NCARB for any dissatisfaction or claim arising from the Tutorial.
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The idea of the performance bond is that somebody is saying "We are worried that you're not gonna make it "all the way through the project," you as the general contractor, "so we need there to be some insurance in place "that says if something goes wrong, "the insurance company will step in "and make the project happen "without it costing us extra money." So the insurance company, the only reason they're gonna give you a performance bond if you're the general contractor is that they trust that you're likely to make it through. But they don't believe that they're gonna be brought in to be able to finish the project for you. So they think it's a good bet, they're gonna get paid a little bit of money, but they're probably not gonna have to pay any money out.
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From the course:
ARE 5.0 Construction & Evaluation Exam Prep
Author: Mike Newman