Why is the contractor liable of providing the surety bonds to obtain written release prior to the final payment on projects?

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: A successful contractor bidding for a project is required to engage an bond by the client. Discuss…

A: Contractor : The legal agreement gives rise to the word contractor. The owner and the builder will…

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: 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: Can the contractor, attempt to interpret the strict orders of specifications to prepare the bid?

A: Bidding is the process in a tender and the one who put the highest bid will get the contract.

Q: Define the term fixed-price contracts?

A: A fixed-price contract is also known as a lump-sum contract or a firm-price contract. It establishes…

Q: Is the Insurance coverage an important contractual responsibility of the contractor?

A: Contractual insurance protects against accidents that the policyholder has expected from entering…

Q: How can a project become involved in litigation?

A: Litigation is the mechanism through which a lawsuit is taken to trial. The legal cycle is usually…

Q: What are the types of bonds required to be provided by the contractor on a public works contract?

A: The bond used by investors in construction project as a surety for protection against disruption or…

Q: On the typical project, which are the twoprime contracts made with the owner?

A: On the typical project, usually there are two different prime contracts signed with the owner.

Q: What are the obligations of the contractor?

A: In the construction project various roles are performed by the contractor. The contractor is the…

Q: When a claim or dispute arises, what steps should be taken by the contractor?

A: In the construction project, the dispute arises due to disagreements between the parties on a…

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: Why is the Insurance coverage an important contractual responsibility of the contractor?

A: Insurance is very important in case of contract.

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: Who provides performance and payment bonds?

A: For several construction projects a payment bond is needed.

Q: What are the Loss and Expense heads of claim?

A: The loss and expense is a claim in the construction contracts which is presented by the contractor…

Q: What are the Pre-req of LEED SS credit?

A: Leadership in Energy and Environmental Design (LEED) is a rating system that can to the following…

Q: Under what circumstances is a cost-plus contract favorableto both owner and contractor?

A: The cost plus style of contracts has a variety of a reimbursement schemes used to pay for the…

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: 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: Are the quantities of supplies or work stated in the original Bid Schedule used to determine the…

A: The explanation of the quantities of supplies or work stated in the original Bid Schedule used to…

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

A: There are several effects of “beneficial use” on the foregoing list of contract some of them are…

Q: What types of relationships are intended to be established under a Partnering agreement?

A: When a mutually developed formal ideology of communication and accountability planned to increase…

Q: What is the importance of the performance and payment bonds?

A: A performance bond is carried out ensuring the contractor completes the work in compliance with the…

Q: What is the derivation of the costing of a new item of work not included in the original contract?

A: When there is a new item which is not included in the original contract then the following steps are…

Q: on the typical project, there are usually how manyprime contracts with the owner?

A: There are generally two prime contracts occur with the owner in a typical project.

Q: Why do the public works projects mostly involve some retention of a portion of earned funds of the…

A: The retention of the earned funds or the retainage is the amount of money held back from the…

Q: Do the project records define contractual parameters within which the parties should function?

A: Let's first understand "what is project record" Managing project records is a crucial responsibility…

Q: What is meant by; Defects liability period, liquidates damages, cost planning, bid bond,…

A: 1. Defect liability period: It is a time period or time frame during which it is the responsibility…

Q: What type of bond guarantees that if a contractor goesbankrupt on a project the surety will pay the…

A: Payment bond guarantees that if a contractor goes bankrupt on a project the surety will pay the…

Q: How do the owners collect the liquidated damages from the contractors during construction?

A: Liquidated damages are the method of sharing risk between the owner and the contractor and are…

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

A: Purpose of the notice to bidders:

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: What are Guaranteed Maximum Price Contracts?

A:

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: Some people feel that lump-sum contracts can foster amore contentious work environment than any of…

A: True