A. AddendaC. Cost plusB. Lump sumG. Escape clause H. Liquidated Damages 1. AlternatesN. RetainageD. Field Change E. Latent Defect F. Cardinal ChangeK. Bid OptionsP. Precon. MeetingL. Value EngineeringJ. Unit PriceO. General conditionsM. Fixed fee29. A change order that is of such magnitude that the original scope of the project is altered to an extent thatconstitutes a new contract is known as a30. The underlying purpose of thethe rules under which the project will be built.or boilerplate of a construction contract is to outline31. The exact bid amount is paid in one lump sum payment after completion of the project in acontract.32. The contractor is reimbursed for actual expenses plus a percentage markup in acontract.33. The actual number of units put in place is measured, then the unit price is multiplied by the number of unitsinstalled in acontract.34. Astudy examines the functions of goods and services for the purpose ofachieving necessary functions at the lowest overall cost, consistent with achieving essential characteristics,35.are used to modify the contract or bidding documents (i, e., plans specifications) afterthe plans have been issued and prior to the bid opening.is a start-up meeting for the project; an opportunity for owner, engineer, contractor,and subs to address anything that's important to the project such as the schedule or the contract documents.36. The37. A portion of money held back from progress payments to allow a cushion for the owner if billings exceed the valueof the project is referred to as

this question is asking about some fill in the blanks in project management. here as per bartleby…

35. are used to modify the contract or bidding documents (i, e., plans specifications) after the plans have been issued and prior to the bid opening. 36. The is a start-up meeting for the project; an opportunity for owner, engineer, contractor, and subs to address anything that's important to the project such as the schedule or the contract documents. 37. A portion of money held back from progress payments to allow a cushion for the owner if billings exceed the value of the project is referred to as

35. are used to modify the contract or bidding documents (i, e., plans specifications) after the plans have been issued and prior to the bid opening. 36. The is a start-up meeting for the project; an opportunity for owner, engineer, contractor, and subs to address anything that's important to the project such as the schedule or the contract documents. 37. A portion of money held back from progress payments to allow a cushion for the owner if billings exceed the value of the project is referred to as

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter8: Pricing Generally

Section: Chapter Questions

Problem 5RQ

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1. True or False? A payment bond provides the construction contractor a guarantee that they will receive timely payment for properly completed work 2. True or False? The terms price and cost are the same thing as it applies to a construction estimate. 3. From the following list, which item is least governing when interpreting a contract requirement?a. The Contract Agreementb. Amendments to the Contract Agreementc. Section view drawingsd. Specifications
6. Match the following terms with the most correct explanation Term Explanation Payment Bond Provides the owner with an amount to cover the damages/costs if the apparent low withdraws Bid Bond Provides the owner with a means for completing the work if the contractor cannot complete it. Lien Protects suppliers, subcontractors and employees Non-payment by the General Contractor Performance Bond Used primarily in private contracting; the General contractor and first-tier subcontractors place a debt upon the facility if they haven't been paid.
Differ between the unit price contract and contract price?
What is meant by the following terms?a. Yellow-dog contractb. Agency shopc. Subcontractor clause
A practice related to construction finance that can be interpreted as unethical is: A. front-loading a schedule of values and payment application B. intentionally submitting payment applications late C. withholding additional retainage on a payment application D. invoicing for approved change orders
As the owner of the project MDS, you had defined the contractual relationships between the different parties involved in the project. In other words, you had determined: a. The management plan of your project b. The delivery method of your project C. The contract types of your project d. The organizational system of your project In Guaranteed Maximum Price contracts savings are shared between: Select one: a. Owner and designer O b. Owner and contractor c. Owner and contractor and designer O d. None of the above Change orders requires adjustments in scope, time, and cost Select one: O a. False O b. True
1. Enumerate at least five (5) payees of the order instrument.
Define the term fixed-price contracts?
Define the term Contractual Allocation of Risk?
3.. Negotiations is one of the methods for tendering procedures in selecting the main contractor to execute of the proposed construction project. a. Briefly explain the criteria, advantages and disadvantages of this method. b. Explain the following: i. ii. iv. Advance payment Interim payment Final payment Give ONE (1) example of interim payment by using percentage work done.
In transferring risks to sub-contractors, should the bonding capability of the sub-contractor be a factor? O a. No. It only increases the cost O b. Yes. You can charge the owner more money. O c. No. Sub-contractors are fully responsible O d. Yes. Bonding protects from a default by the sub-contractor
what are the advantages and disadvantages of the four basic contract types? -lump sum, cost-plus-free, guaranteed maximum price, unit price contracts