1. Four legal components are required for construction contracts to be valid include 2. The following were common forms of construction contracts: 1.... 3. 4. 5. 6. 7. ..2... , the owner will pay the builder an agreed-upon amount of money for the completion of a project that complies with a clearly defined scope of work. ........ the owner will pay to the constructor an agreed-upon of amount of money for each unit of work completed in a project. , the owner will reimburse the constructor for all costs specified to construct the project. the current value of money is higher than its future value commonly represented as a percentage of the amount owed

1. Four legal components are required for construction contracts to be valid include 2. The following were common forms of construction contracts: 1.... 3. 4. 5. 6. 7. ..2... , the owner will pay the builder an agreed-upon amount of money for the completion of a project that complies with a clearly defined scope of work. ........ the owner will pay to the constructor an agreed-upon of amount of money for each unit of work completed in a project. , the owner will reimburse the constructor for all costs specified to construct the project. the current value of money is higher than its future value commonly represented as a percentage of the amount owed

Architectural Drafting and Design (MindTap Course List)

7th Edition

ISBN:9781285165738

Author:Alan Jefferis, David A. Madsen, David P. Madsen

Publisher:Alan Jefferis, David A. Madsen, David P. Madsen

Chapter7: Construction Procedures

Section: Chapter Questions

Problem 7.8Q

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Similar questions

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
What is contract? Discuss different types of contracts in detail with suitable examples
8. Which of the following is NOT one of the rules of construction? Apply and objective test to the wording or terms Determine the parties' intentions Apply a subjective test Interpret the contract against the drafter
Describe the general conditions of the construction contract?
Name the four of the principal types of contractual relationships frequently encountered in construction?
Briefly discuss the two conditions that would bind the agreement in a contract. *
How to go about approval of specification if the Employer's agent in the General Conditions of Contract (second edition, 2010) for Construction Works is not reasonable?
What is necessary to form a contract?
Appraise the right and responsibilities of the following practitioners in a construction contract, explain it briefly and include examples. Owner Architect Engineer Contractor
What are the five basic rules of contract interpretation that are important in construction contract?
Describe the concept of a design-build contract?
Select a type of construction contract and make a brief discussion of its advantages and disadvantages to both the contractor and the owner.