MAINTENANCE BOND
A type of surety bond issued to the contractor which protects the owner from defects and faults in materials, workmanship, design, and the like that could emerge in the course of completing a construction project, for a certain time period. Technically speaking, the bond is not an insurance, but rather an insurance policy on a construction project to ensure the contractor will be able to correct any defect that would arise or the owner will be recompensed for those faults. It also guarantees that the construction project will meet local building codes and standards.
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Tit for Tat
Game theory mechanism subject to a payoff matrix similar to a prisoner’s dilemma. Anchored on the concepts of retaliation and altruism, this ...
Nonsegregated Disclosures
Information that must be presented legally anywhere in a lease agreement. These are required by the Federal Reserve Board Regulation M. The lease a ...
Product Line
A series of related products which are all made or manufactured by the same company.
Behavioral Economics
The scientific study on how the mind thinks and how each person reacts as it relates to the process of decision making in economics of individuals ...
Infant-Industry Theory
A theory stating the emerging domestic industries must be protected against foreign competition until they become established and mature. In econom ...
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Buying a Home: Closing the Deal
It’s almost done! With just a few steps away, the house that you have been dreaming of will be yours.
Starting Your Own Small Business: Financing a Business
After choosing the business you want to go into, regardless of the line of business, you need a startup capital in order to keep the business going ...
Principles of Trading: Record Keeping and Taxation
It is imperative for every trader to maintain a precise, organized, and latest trading-related records. Hence, traders should keep both hard and di ...
Student Loans: Private Loans
Majority of students consider federal loans as their first borrowing choice. But this loan may not be able to shoulder an entire tuition, not to me ...
Student Loans: Federal Loans
Most of the students mull over the idea of maximizing the federal loan availability first before borrowing for college through a private loan. Norm ...
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