Cslb Law & Business Study Guide Questions And Correct Answers

When a property is released from the mechanics lien regardless of conditions being met. {Ans: What is an unconditional release?}Proof of worker's compensation insurance {Ans: What must a contractor submit before a contractor's license is issued?}3 business days {Ans: What's the time limit for a buyer to cancel a contract?}$5,000, or other public works projects valued at more than $25,000. {Ans: When bidding on a state public works project valued at more than $_______, the bidder must file two surety bonds prior to the commencement of work. These ensure the contractor can accomplish the job.}$100,000 {Ans: A Limited Liability Surety Bond for $__________ is required in addition to the contractors bond for an LLC license.}C) Liquidated Damages {Ans: If a contractor completes a project after the agreed completion date, what type of damages does the contractor pay? A) Tertiary damages B) Minimum damages C) Liquidated damages D) Post damages}