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Ace Construction Company has borrowed $ 1 0 0 , 0 0 0 from Chase Bank to finance a construction project with Smith, Inc. A

Ace Construction Company has borrowed $

100, 000

from Chase Bank to finance a construction project with Smith, Inc. A surety bond which

guarantees Chase Bank that Ace Construction Company will carry out the contract and be paid for the work is called:

A labor and materials bond

A performance bond

A completion bond

A bid bond

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