The party who bears primary responsibility on a surety bond.
What is the principal?
100
The Main Street America Group was founded in this year.
What is 1923?
100
Requires a separate payment bond to protect certain payment rights for federal construction projects
The Miller Act
100
A licensed professional who provides accounting services.
What is a Certified Public Accountant (CPA)?
100
An obligation to pay the debts of, or answer for the default of another
What is suretyship?
200
A contractor under which one party agrees to reimburse a second party for losses.
What is an indemnity agreement?
200
This individual started to assist our agents and has supported our field team since 1975
What is Cindy Roy?
200
A service provider that performs a specific phase of a project.
What is a subcontractor or specialty contractor?
200
A formal examination of financial statements to verify correctness.
What is an audit?
200
The party to whom a bond is given and who is protected against loss.
What is the obligee?
300
The two classes of court bonds
What are judicial and fiduciary?
300
Department that prepares all MSA rate, rule and forms for state agencies
What is the State Filings?
300
A contract provision that provides an incentive payment for exemplary performance.
What is a bonus clause?
300
A form of business in which one person owns the business assets and is personally liable for the business’s debts.
What is sole proprietorship?
300
Bonds that guarantee that the contractor submitting a bid, if awarded the contract, will enter into formal contract and provide performance and payments bonds.
What are bid bonds?
400
This insuring agreement covers money, securities, and other property while “here” and in the care and custody of either a messenger or an armored vehicle company.
What is outside the premises?
400
MSA offers coverage in this many states and write bonds in 46 states.
What is 27?
400
A specific type of strategic alliance in which companies share ownership, responsibilities, and management of a foreign venture.
What is a joing venture?
400
Inquiries and analytical procedures that verify that the financial statements conform with generally accepted accounting principles.
What is a review?
400
What are the 3 C’s of surety?
What are character, capacity and capital?
500
The tendency by which people with the greatest probability of loss are those most likely to purchase bonds.
What is adverse selection?
500
Where MSA employee ethical situations of suspected theft or fraud are handled.
What is internal audit?
500
A contract provision that specifies the costs the owner would most likely incur if the contract completion were delayed through no fault of its own.
What is a liquidated damages clause?
500
The balance sheet is a snapshot of the principal’s assets, liabilities and xxxx.
What is equity or net worth?
500
The difference between the lowest and the next lowest bid for a contract.