On a unit-price contract, if a contractor includes a unitprice of $145.00 per meter for 765 meters of pipe to be constructed in place, but incorrectly shows the extended amount as $110,952.00, exactly how much money should be included in the total bid price?

On a unit-price contract, if a contractor includes a unitprice of $145.00 per meter for 765 meters of pipe to be constructed in place, but incorrectly shows the extended amount as $110,952.00, exactly how much money should be included in the total bid price?

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter13: Pricing Subcontractors' Work

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Related questions

Q: What discount rate should a corporation use in a life-cycle costing study when investing funds that…

A: This question deals with a corporation use in a life-cycle costing study when investing funds that…

Q: Describe the procedure of avoiding the unbalanced bid problem?

A: An unbalanced bid:

Q: Why do you think john was hesitant to quote an exact price during the first meeting? Why did Ken…

A: Note: Hi! Thank you for the question, As per the honour code, we are allowed to answer three…

Q: Why are the bid items based on the area measurements?

A: In today's time the most common contract system is DBB (Design-Bid-Built).

Q: Describe what estimators look for in their review of the bid documents.

A: Usually, a written scope and specifications, along with drawings are contained by Bid documents.…

Q: List the five price categories that need to be considered when pricing a construction estimate.

A: The costs of a constructed facility to the owner include both the initial capital cost and the…

Q: What is the 5% factor for concreting works and why do we use it? Explain why the bid estimates are…

A: A question is about Construction Management abd estimation

Q: 3) For the construction of the final stage of a university laboratory building, the site engineer…

Q: Why do owners frequently call for alternative prices to be quoted with bids for construction work?

A: It Is quite common for project owners to ask contractors to provide alternative bids for work or…

Q: What should an estimator do when a bid is received from a subcontractor with a very low price,…

A: When the tender is released for the subcontractor to make bids, each contractor tries to reduce the…

Q: If a contractor was selected based on his best price and best technical aspects from his bid…

A: Hi! Thank you for the question As per the honour code, We’ll answer the first question since the…

Q: For the past 7 years, you had paid $500 every 6 months for a software maintenance contract. What is…

Q: If a contractor built in a project contingency of $100,000 on a job and this was not itemized in the…

A: Contingency- It is an amount that is added to the estimate to cover any unexpected expenditure. I is…

Q: Why does the estimate of probable total cost need to be revised as the project progresses?

A: there are two reasons for revise cost of project as project progress.

Q: How is the Electronic Bid package provided?

A: Construction bidding is the process of submission of tender (proposal) by the contractor to the…

Q: When a company is going to invest cash that they have on hand in a development, what discount rate…

A: Construction management is the back bone of the civil engineering. Under construction management…

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: Fudd Associates, Inc. submits a bid for $20 million.Mr. Fudd discovers at bid opening that all other…

A: Answer: FAI will be able to withdraw his bid after all bids are opened if it can demonstrate that…

Q: True or false? Within those jurisdictions where public contracts are subject to “Fair Subcontracting…

A: Subcontracting can be defined as practice taken up by contractors in which a contractor hires an…

Q: Why does the contractor not want to make a commitment to unit -price amounts?

A: In Unit price amount contract, it is a commitment by the contractor to fix the rates of each and…

Q: Why is it often difficult for an estimator to prepare a cost breakdown with the bid?

A: (1) Resources constraints (2) Insufficient time available (3) adverse environmental conditions (4)…

Q: What is the usual function of unit prices when they are required to accompany a lump-sum bid?

A: Answer:- Lump- sum bid: It is that where contractor is required is quote his/her lump sum rate to…

Q: The direct and indirect costs estimated by a contractor for bidding a project is Rs. 160000 and Rs.…

A: Given data- Direct cost=Rs 1,60,000Indirect cost=Rs 20,000mark up=10% of the bid priceTo Find-The…

Q: Of all the prices that are contained in a contractor’s bid, which items hold the most risk for the…

A: Accurate estimating is important to the profitability of a construction company. If the job is…

Q: Is the final amount paid to a contractor under a unitprice contract limited by the quantities of…

A: Let's understand first what is unit price method: In a unit value contract, the complete agreement…

Q: Hamed owns a local gold market that currently has 4693401 subscribers on Instagram at a quarterly…

A: For a linear relationship between the price and number of subscribers, we have here the slope…

Q: List the processes of preparing bid estimates and briefly describe or explain each one.

A: A construction company's profitability is dependent on accurate estimation. If a task is…

Q: . What is the proper method of responding to the bidder inquires during the bid phase of a project?

A: Proper method of responding to the bidder inquiries during the bid phase of a project are :…

Q: What would be the result of failure to agree on change order pricing?

A: A change order is a work that has been removed or attached to the original contract of work, but…

Q: 1. If cost-plus a fixed amount with an arrangement for sharing any cost savings is established, and…

A: The given value of amount i.e. 160,000$ is of contractor not the employer, so technically amount…

Q: Contractor X is developing his bidding strategy against contractor Y. The ratio of Y's bid price to…

Q: Long-term contracts? Multiple Choice increase transaction costs. reduce incentives for…

A: There are different types of contracts which are used to finish a project. Some of them are on the…

Q: Bid estimates are usually made up of a combination of the following approaches: Detailed estimates…

A: Bid estimates are usually made up of a combination of the following. The correct answer is All of…

Q: How much of an impact does a formal schedule have on the subcontractor's ability to make a profit?

A: A construction schedule is a timetable for each activity and event in a building project. The…

Q: How can the problem of the unbalanced bid be resolved?

A: An unbalanced bid occurs when a contractor moves his expenses for one aspect of the work into his…

Q: Explain why the bid estimates are not always equivalent to the final contract amount after the…

A: Bid estimates are the approximate cost estimate of any project submitted by the competent authority…

Q: During what period can a contractor withdraw the bid without penalty?

A: A contract is a legal bond between two or more two parties. It specifies the duties and…

Q: Q1-b- Answer to the following (answer five only) - Define the negative cash flow - What is the…

A: 1.Define the negative cash flow . Negative cash flow is defined as when a business spends more cash…

Q: What is the Annual Equivalent Worth Criterion?

A: When the equal payments on annual basis are determined for measuring investment worth then it is…

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…

Concept explainers

Bid Package

A bid package is a set of all documents, often known as bid documents necessary to be submitted by a general contractor before participating in a competitive construction bid to receive tender of execution of any construction project.

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 with 2 images

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

On a unit-price contract, how much money should be included in the overall bid price if a contractor specifies a unitprice of $145.00 per meter for 765 meters of pipe to be erected in site, but wrongly reports the extended cost as $110,952.00?
QUESTION 12 A major dam project is taking place in central Africa. Your company is bidding on the project and you have been able to obtain estimates from three subcontractors each for these major elements of the project. The bids are given below. Estimate the total median cost for these 3 unit cost subcontracts using Monte Carlo methods. Bid 3 $15.1M $16.4M $16.8M Bypass Tumel Construction $18.4M $19.1M $20.2M Railroad Spur Construction $12.4M $14.3M $14.8M Task Bid 1 Bid 2 Powerhouse Construction $49.0M $49.1M $49.2M $49.3M $49.4M $49.5M $49.6M
As a rental for a building, the owner received two offer: a) 50,000 a year for 80 years, the rental for each year being paid at the start of each year. b) 30,000 the first year, 40,000 second year, 50,000 the third year, and 60,000 for the next 5 years with all rentals paid at the beginning of each year. If money is worth 12%, which is better offer?
The direct and indirect costs estimated by a contractor for bidding a project is 160000 and 20000 respectively. If the mark up applied is 10% of the bid price, the quoted price (in) of the contractor is
Q2/A pre-cast concrete factory was purchased with a value of (1,500,000 $) paid as an advance, and the rest of the amount will be paid in the form of annual installments for five years, the value of each installment (17,000 $) If you know that the interest rate is (8%), find the purchase price for the factory.
Pls. answer ASAP. Provide complete solution. I'll rate , thanks
A contractor wishes to participate in the bidding for a government project and submitted documents for eligibility screening or pre-qualification. The ABC for the project to be bid is P328,644,200.20 with a duration of 20 months. The document submitted by the contractor showed that the largest single project similar to the project to be bid undertaken by the contractor in the last 3-years has a value of P163,866,528.45. Will the contractor be qualified to participate in the bidding for the project? Why?
: A construction company had a number of projects and needed to a construction equipment to be used for five years. The company had two choices: the first one included buying the equipment with a price of $50,000; the operation and repair cost is $2,000 a year, and the salvage value is $10,000 at the end of the fifth year. The second option comprised renting the required equipment with amount of $8,000 a year, which is usually paid at the begging of each year and needs $3,000 a year for operation and repair. Specify which option is better for the company? The interest rate is 6%.
If a contractor was selected based on his best price and best technical aspects from his bid documents, this award method is called: Select one: O a. Bidding O b. Best bid c. Best value d. Traditional In case of completing the project with lower cost than agreed on in the lump sum contract, extra money is always kept to the contractor. Select one: a. False Ob. True Direct cost of a project includes Select one: a. All answers are correct O b. Material and equipment cost c. Subcontractor cost O d. Labour cost
Calculation of Line Item Total Payment in Unit Price Contract: A unit price item for pipeline construction is estimated at $200/linear foot for a job estimated to be for 1,000 linear feet. If the price is valid within a 10% quantity range, circle the correct answer (Yes or No) (Y/N) If the actual quantity placed is 950 linear feet, then the contractor is entitled to $190,000 (Y/N) If the actual quantity placed is 850 linear feet, then the contractor is entitled to more than $170,000 (Y/N) If the actual quantity placed is 1,050 linear feet, then the contractor is entitled to less than $210,000
What should an estimator do when a bid is received from a subcontractor with a very low price, suggesting that the subtrade has made an estimating error?
What means are available to a contractor bidding a unit-price project for recovery of “General Conditions Work” (mobilization, bonds, insurance, cost of permits, and other preconstruction expenses)?