100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Construction Contracts Midterm 2 Quizzes & Ans!! $12.99   Add to cart

Exam (elaborations)

Construction Contracts Midterm 2 Quizzes & Ans!!

 0 view  0 purchase
  • Course
  • ...
  • Institution
  • ...

Construction Contracts Midterm 2 Quizzes & Ans!!

Preview 2 out of 12  pages

  • August 29, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ...
  • ...
avatar-seller
stuuviaa
Name: Score:


28 Multiple choice questions

Term 1 of 28
What unique aspects of a project are most appropriately accommodated by lump sum contract?

Substantial completion is when owner can use project for intended purpose; clock stops
and beginning of the punch list. End liquidated damages. Premature occupation may delay
final completion.

Owner has a limited budgęt and wants to know the final price upfront. Plans must be fully
complete before so contractor can accurately estimate quantities.

contracting parties. They outline the rules under which a project They establish the rights,
authority, and obligations of the will be built.

Project is fairly well defined but actual quantities needed to complete project is unknown.

Term 2 of 28
How are amounts due for periodic payments on unit price contracts determined?

Periodic payments are determined by unit price times actual quantities used.

Periodic payment for lump sum is determined by total of value of work completed for that
specific month.


Retainage is released. Project is 100% complete. Warranty docs are completed.


Design pros will use their knowledge to the best of their ability and not be negligent in their
work.

, Term 3 of 28
Describe conditions in which unbalancing a bid is done to maximize profits. is done to minimize
risk to the contractor.

Lump sum- Must be negotiated hy the owner and contractor well in advance. Unit Price-
extra work provisions are handled by using written notices or change order. Cost Plus-
Changes happen on the fly because design process is not complete before construction is
started.


contracting parties. They outline the rules under which a project They establish the rights,
authority, and obligations of the will be built.


Once accepted by owner contractor is no longer liable for patent defects however the
contractor is still liable for latent defects. If a defect is later discovered that contractor did
not meet specs then this defect will be covered by warranty.

Contractor may front end load a proiect to make more money earlier in Contractor may
also take advantage of an estimation error made by the proer owner. Contractor may
moderately unbalance a bid to prevent owner from assigning wrongly estimated item to
another contract.

Term 4 of 28
How are the amounts due for periodic payments on lump sum contracts determined?

Project is fairly well defined but actual quantities needed to complete project is unknown.

Design pros will use their knowledge to the best of their ability and not be negligent in their
work.

Periodic payments are determined by unit price times actual quantities used.

Periodic payment for lump sum is determined by total of value of work completed for that
specific month.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller stuuviaa. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart