Which of the following is NOT applicable in contracts as far as security deposit is concerned?
Which of the following is NOT applicable in contracts as far as security deposit is concerned?
1). Amount can be withheld from any other contract with the same client
2). Necessary before entering into a contract
3). Refundable after maintenance period
4). Amount depends on tendered amount
2 answers
When contract security is required, the contractor may, in lieu of a performance bond and a labor and material payment bond, provide a security deposit.
When a security deposit is delivered, it must be, in the amount of 10% of the contract price for construction contracts and at least 10% for other contract types.
Security deposit is always refundable in nature.
Security deposit cannot be withheld from any other contract with the same client.
Security deposit cannot be withheld from any other contract with the same client.
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