Construction Management
5th Edition
ISBN: 9781119256809
Author: Daniel W. Halpin, Bolivar A. Senior, Gunnar Lucko
Publisher: WILEY
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Chapter 4, Problem 4RQE
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List two types of negotiated contract and explain the payment method and incentive concept.
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Provide a technical justification for the following: i. Formula for price adjustment (escalation) ii. Contracts and contract administration
. What are the payment provisions under JCT?
What are the examples of unit price contracts?
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- Differ between the unit price contract and contract price?arrow_forwardWrite technical explanation of the following; i. Price adjustment formula (Escalation). ii. Contract, contract managementarrow_forward1. 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. Specificationsarrow_forward
- what are the advantages and disadvantages of the four basic contract types? -lump sum, cost-plus-free, guaranteed maximum price, unit price contractsarrow_forwardQ#2 What is a contract? What are the different types of civil engineering contract? State the suitability of Item rate contract. How does the contractor quote the rate and get payment in item rate contract?arrow_forwardMost of the Negotiated * :Contracts are Schedule of Rates contracts variable percentage contract Competitive Contract Cost-Plus types Unit-Price competitive contractarrow_forward
- 3.. Negotiations is one of the methods for tendering procedures in selecting the main contractor to execute of the proposed construction project. a. Briefly explain the criteria, advantages and disadvantages of this method. b. Explain the following: i. ii. iv. Advance payment Interim payment Final payment Give ONE (1) example of interim payment by using percentage work done.arrow_forwardHow can the measurement for payment be done?arrow_forwardThe basic concept of contract formation is the mutual agreement of all the parties involved. Explain FIVE (5) advantages of having a contract from the perspective of the contractorarrow_forward
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