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State X hired Build-Right Construction to build a bridge. State X required that construction be ...

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State X hired Build-Right Construction to build a bridge. State X required that construction be ...

State X hired Build-Right Construction to build a bridge. State X required that construction be completed within 2 years after the contract was signed. Les Johnson is the president of Build-Right. State X required that Build-Right's promise to perform be guaranteed by a third party. Build-Right purchased a performance bond from Rock Solid Indemnity. The bond requires Rock Solid to be responsible if Build-Right does not have the project completed on time. In this scenario, which party is the obligee?
A) State X
B) Build-Right Construction
C) Les Johnson
D) Rock Solid Indemnity

Textbook

Principles of Risk Management and Insurance

Edition: 12^th

Authors: Rejda, McNamara

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AzJose Author

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