In a construction contract, list the effects of achieving substantial completion upon the contract requirements for project insurance, liquidated damages, time for filing lien claims, processing of payments, and retainage.

In a construction contract, list the effects of achieving substantial completion upon the contract requirements for project insurance, liquidated damages, time for filing lien claims, processing of payments, and retainage.

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

See similar textbooks

Related questions

Q: If a general contractor does not feel like paying worker's compensation fees, then the contractor…

Q: Typical standard form of contract enables the contract administrator to approve the extensions of…

Q: Does the work covered in a construction contract include a stated gaurantee period?

A: The contract is a legal agreement which is signed between two or more parties. The limitation period…

Q: What are the various types of contracts? Discuss various stages in contract placement.

A: The task of doing any work or item of work under some prescribed set or terms and conditions by…

Q: What are the three types of authority exercised in a construction contract?

A: A construction contract is defined as an agreement which legally bind the owner of the project and…

Q: A client engages the services of a civil engineer to design and prepare the plans for a proposed…

A: When an agreement is made between two parties and the conditions are established and the…

Q: xplain on the total comparison analysis between workmen's compensation and contractor all risk…

A: Workers' compensation is a type of plan that offers pay substitution and healthcare benefits to…

Q: When and under what conditions would the option to contract be executed

A: Contract: The term contract is defined as the agreement between the two (or) more parties. The…

Q: What is the effect of “beneficial use” on the foregoing list of contract requirements?

A: Beneficial use of contracts is also called beneficial occupancy, it explains about the building…

Q: . Describe the three types of authorities exercised in a construction contract?

A: Three types of authorities exercised in a construction contract are : 1.Actual Authority : It is…

Q: How is time measured in construction contracts? Provide and example of a type of project that would…

A: Time measured in construction contracts: In any construction, project time plays an important role.…

Q: C. Classify the under listed instances into the appropriate types of contracts. a. A standard form…

A: It is required to classify following instances into different types of contracts (i) A standard form…

Q: Determine the criteria for the selection of a contract. Time Cost Quality Risk

A: Brief concept introduction- Contract- A contract is an agreement between two parties that is…

Q: 1. Explain the following points based on Ethiopian Federal Government Procurement and Property…

A: Note: The following procedure and condition of application for each part are provided from…

Q: 1. Enumerate at least 5 components of project control. 2. Enumerate at least 2 major classification…

A: Project control : It is defined as a process which involves resources, management, cost planning,…

Q: Why is cost plus a percentage of cost type of contract notused to a great extent?

A: A cost-plus contract is an agreement to a company for the expenses that acquired a specific amount…

Q: Will commercial projects require a detailed estimate with a full quantity takeoff?

A: Clarifying what a quantity takeoff is in construction is relatively straightforward. Basically, a…

Q: Is it a good idea to utilize cost-loaded CPM for contractor progress payments on unit-price…

A: The cost-loaded schedule comprises the works that have been ordered and spread throughout the…

Q: What are the payment provisions under the construction act?

A: The construction act allows each worker under a construction contract to accept payment in stage…

Q: in which construction contract is given an accurate price fo

A: Introduction- A construction agreement is a legally enforceable contract between two parties based…

Q: Which of the project types listed would most frequently use a construction management arrangement?…

A: a. Building construction: It is a mutual or legally binding agreement between two parties based on…

Q: Determine the % of risk that has been transferred to sub-contractors given the following…

A: The given data is as follows: Materials=$150,000Labor=$158,000Equipment=$22,000Bonded…

Q: General Contractors working an a project that requires several months to complete typically request…

A: Solution: The answer is Option G, ALL OF THE ABOVE

Q: In a construction contract, list the effects of achieving substantial completion upon the contract…

A: A construction contract includes general and special terms of agreement, details of construction…

Q: What is a contract? What are the different types of civil engineering contract? State the…

A: The contract is a law-abiding agreement signed between the client and owner. During the sign of the…

Q: What is the "Contractor's Risk" and how does it Relate to the type of Construction contracts to be…

A: Contractor's risk is defined as the association with a construction project. It is defined as the…

Q: 12. 7. Explain one of the added costs that might be incurred by the contractor as a result of a…

Q: What are some methods that are used to monitor delay or disruption of a contract?

A: Answer:- Delay in contract:- Delay is one of most common problem in construction projects resulting…

Q: ies, and "Work" under the Construction Contract ent and contractor. Explain SIX (6) factors in sele

A: A construction contract is a written agreement between two parties that is mutually or legally…

Q: Which of the following shall be excluded in the contract costs of a construction contract? a. Costs…

A: Option B is correct Selling costs such as advertisement expense or commissions of real estate agents…

Q: 35. are used to modify the contract or bidding documents (i, e., plans specifications) after the…

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

Q: IDENTIFY 1. Variation orders to the contract may be _________ wherein the revised contract amount…

A: 1. Added. A variation order to the contract may be added with mutual consent of contractor and…

Q: Several construction contracts have encounted many challenges different from what was envisaged from…

A: Solution:- Any construction project necessitates stakeholders such as owners, contractors, and so…

Q: the 4 types of contracts according to its advantage to a project contractor. Discuss why by citing…

A: four types of contracts are as given below : 1. Lump sum contracts 2. Time and materials contracts…

Q: Problems on construction risk management

A: Common problem on construction are:- Safety hazards tha can lead to the worker accidents and the…

Q: What are the payment provisions under NEC?

A: The first standout modification is that the contractor currently has associate degree obligation to…

Q: Q)For a construction contract between two parties to be valid, there should be an offer and…

A: The contract is an official agreement that could be written or even be in orally. Contracts Can be…

Q: 6. Match the following terms with the most correct explanation Term Explanation Payment Bond…

A: 1) Payment bond:- A payment bond is indeed a surety bond that somehow a contractor posts to ensure…

Q: The Iron Triangle of project management shows the objectives of time (delivery), quality and cost.…

A: The Main Components in the Triangle of a Project is,

Q: In a construction project, a sub-contractor was engaged to do a certain work item in the project…

A: Following steps are taken in contract giving .

Q: How would you go about either documenting a claim for acontractor’s progress payment or its…

A: In order to appropriately document a contractor, maintain for a progress payment, the following…

Q: Under a construction management (CM) contract,should the CM firm’s responsibilities normally begin…

A: The construction management has the responsibility of supervising the planning, scheduling,…

Concept explainers

Types of Contracts

A verbal or written agreement between a person and a firm, for undertaking construction, material supply, maintenance, and repair work which is enforceable by law is termed as a contract. The person who undertakes the contract for execution of the work is termed as a contractor. The contracts are classified into different types depending on the nature of the contract.

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, civil-engineering and related others by exploring similar questions and additional content below.

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
Select a type of construction contract and make a brief discussion of its advantages and disadvantages to both the contractor and the owner.
. Describe the three types of authorities exercised in a construction contract?
Which of the following statements are valid reasons for the owner to terminate the work for cause? Check all that apply. A. Contractor fails to make prompt payments to workers, subcontractors, and material suppliers B. Contractor fails to submit certifications for payment C. Contractor disregards laws or other legal requirements D. Contractor is guilty of a material/substantial breach/violation of the contract documentss
Many contracts require that the contractor prepare and present the construction schedule and receive the owner's approval before any contract payments are made.Explain in detail what are the three elements of the contractor 's schedule that the owner will typically be interested in?
Appraise the right and responsibilities of the following practitioners in a construction contract, explain it briefly and include examples. Owner Architect Engineer Contractor
1. Four legal components are required for construction contracts to be valid include 3. 2. The following were common forms of construction contracts: 1... 4. 5. 1. 6. 7. **** 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 the owner will reimburse the constructor for all costs specified each unit of work completed in a project. to construct the project. the current value of money is higher than its future value commonly represented as a percentage of the amount owed
In a construction contract, list the effects of achieving substantial completion upon the contract requirements,liquidated damages and retainage?
Classify the under listed instances into the appropriate types of contracts. a. A standard form of construction contract issued by the International Federation of Consulting Engineer (FIDIC). b. A verbal promise to buy a 25-year son a car. c. A written promise to buy a 30-year-old daughter a house. The promise has been written and signed and sealed and delivered to the daughter. d. The supply by a wholesaler of 10,000 bricks to site following a telephone request from the site agent.
What are the three types of authority exercised in a construction contract?
What are the five basic rules of contract interpretation that are important in construction contract?
A contractor enters into a contract to design and build an airport terminal. The contractor is responsible for the design and overall management of the project build, including engineering, site clearance, foundation, procurement, construction of terminal space, gates with loading bridges, customs and immigration, airline office space, distribution systems required for its operations, and installation of equipment and finishing. How many distinct performance obligations are in the contract? A. 1 B. 2 C. 3 D. 4