Name two types of negotiated contracts and describe themethod of payment and incentive concept.

Q: As the owner of the project MDS, you had defined the contractual relationshipsI parties involved in…

A: As an owner of the project, if you had defined a contractual relationship between the parties, which…

Q: The significant feature of ‘unit price contract’ is that the price per unit. Although quantities may…

A: In a unit price contract, the contractor is relieved of the risk of estimating uncertain quantities…

Q: Provide a technical justification for the following: i. Formula for price adjustment (escalation)…

A: Price adjustments on account of increases or decreases in the costs of products and services in…

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: Define the term Contractual Allocation of Risk?

A: Risk management is the method of defining threats and deciding whether they can be distributed, and…

Q: What are unit price contracts?

A:

Q: When are the unit price contracts used?

A: Introduction to Unit price contract Unit Price method is the kind of contract in which total cost of…

Q: What are performance and payment bonds?

A: A performance bond seems to be a guarantee bond provided by a lending firm or bank to ensure a…

Q: tendering process

A: Tendering process is really a requires long strategic planning to any firm as well as for…

Q: Draw a schematic diagram to illustrate the contractual relationships in the construction industry…

A: As civil engineers or relationship managers, we have to take responsibility for maintaining peace…

Q: Describe the procedure of how partial payments to the contractor is done?

A: Partial payment is also called as progress payments. These payments are based on the percentage of…

Q: Describe the major differences between Production Risk and Project Risk

A: Project Risk: It is an uncertain situation that can impact the project objective and achievement.…

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: What are the benefits of the forwarding the pricing change orders?

A: Forward pricing is defined as the estimated work cost which is yet to be carried out.

Q: Describe the different types of payments in construction industry

A:

Q: Is it of vital importance that all bidders receive identical sets of bidding documents?

A: Bidding is the process of submitting a proposal or tender (offer in writing to execute some…

Q: Choice 1 Extreme ease of use Choice 2 Designer preference Choice 3 Project owners requiring it…

A: BIM = Building Information Model  it is a tool which is used to distinguish the 3D modelling from…

Q: What is Bidder Prequalification?

A: Bidder Prequalification:

Q: Explain the grounds of time extension and work suspension of private and/or government contracts.

A: Explanation- The Contract time extensions are granted for a number of reasons. They are used to…

Q: 41. The amount of money paid to the contractor by the client after the agreement and before the…

A: Advance Payment- It is the amount of money paid by the client to contractor after agreement and…

Q: Describe how computers can help with the first stage in pricing an estimate.

A: Computers are one of the most useful tool in the sorting and listing phase, and even the recap phase…

Q: Discuss “bid rigging” in detail, and suggest how an organisation can address it.

A: When opposing parties collaborate to choose the winner of a bidding procedure, this is known as bid…

Q: How are cost reports used by an estimator

A: Uses of Cost report:

Q: Define in your own words the construction cost estimate and list and describe the different types of…

A: Construction Cost Estimate:-  A cost estimate is actually defined as a predicted expenditure of the…

Q: Why Cost + Percentage Fee Contracts are not preferred by the owners

A: The construction contract is a legal agreement between owner and contractor, which has details about…

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: Define the term Time between bid opening and award of contract?

A: Time between the bid opening: Bid Opening indicates the date and time at which all the submitted…

Q: Explain the significance of unit cost in the context of a task order pricing structure.

A: A pricing structure establishes and arranges the prices of your company's goods and services. A…

Q: How is the force account used as a payment method?

A: Force account is a method of payment used for additional work if the contractor and the State…

Q: Discover warranty and warranty period in a contract, explain it briefly and include example

A: A warranty is a written guarantee that a seller issues to a buyer regarding particular claims. The…

Q: what does a company evaluate both the money allocated to a project and the time allocated to the…

A: A company evaluate both the money allocated to a project and the time allocated to the project

Q: Question 8 What is the contract delivery method called where the prime consultant is responsible to…

A: Brief concept introduction- Project delivery system- It is a system that gives permission to an…

Q: What are Bid Bonds?

A: A big bond is one of a type of construction bond, which is a guarantee by the bidder or contractor…

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: What are some of the examples of fixed-price incentive contracts?

A: Fixed-price incentive contracts are fixed-price contracts but with the incentive given for finish…

Q: Differ between the unit price contract and contract price?

A: The contract which is made upon the basis of estimation of the unit price of materials used in the…

Q: What are the most commonly used cost estimating methods for software?

A: Cost estimation  Cost estimation means estimating the cost values of various items involved in any…

Q: What are Stage Payments?

A: A stage payment is also called a schedule of payments, it is a list of dates setting out when…

Q: What is the purpose of the notice to bidders?

A: Purpose of the notice to bidders:

Q: What is the Partnering Concept?

A: Concept: The type of business partnering used in engineering, architecture, and the construction…

Q: What are the potential problems in Partnering Concept??

A: Potential problems in Partnering Concept are : 1.Different methods for management : Similar forms in…

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: Explain the following terms in detail.  i) Contract ii) Types of Contracts

A:

Q: What are the examples of unit price contracts?

A: The estimated quantities of items and unit prices on the hourly rates, rate per unit work volume…

Q: Contractors are required to determine their build up rates for every work item in a contract.…

A: Construction cost estimation is the cornerstone of every construction project. The construction of…

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.