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CMGT 460 Exam 2 With Complete Solution
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CMGT 460 Exam 2 With Complete Solution ...
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CMGT 460 Exam 2 With CompleteSolution
Discplinary - Answer What type of liability may be imposed if a licensed contractor
allows an unlicensed person to use the license ?
Section 7031 - Answer Which violation of the licensing statutes is grounds for civil
liability?
Section 7029 - Answer Which violation of the licensing statutes is grounds for
disciplinary rules?
Workers Comp - Answer What type of insurance is required by law of a contractor?
Not Reasonable Observable - Answer What is a lanent condition?
Bond Phase-Bond amount - Answer What is a Penal sum?
Additional insured - Answer The intended third party beneficiary under an insurance
policy is called?
It's an agreement between 2 or more people to share profit and losses - Answer What is
a partnership?
Schedule D - Answer Where in the document will The schedule of liquidated damages be
set forth?
Yes - Answer Is a bond an Indemnity
1) Express- language
2) Implied- Conduct/ Facts - Answer What two elements does wavier have ?
A promise from indemnitor to an indemnitee
1) Defend
2) Indemnify & Pay if liable - Answer What is an Indemnity?
Wavier & Indemnity - Answer What tools do we have for risk?
Contractor - Answer Who is responsible for preparing the schedule of values for the
work?
1) for Convenience
2) With Reason - Answer What are the two types of termination?
, The Owner - Answer Who is responsible for delays or additional cost which are caused
because the drawings do not meet applicable law?
1) Bid bond- %10 of contract price
2) Performance Bond
3) Payment Bond - Answer What are the 3 types of bonds?
1) Actual
2) Liquidated - Answer What are the 2 types of damages ?
Section 7028 - Answer Which violation of the licensing statutes is grounds for criminal
liability?
Concurrent - Answer In a delay claim, a contractor can recover monetary damages for
an ORD only if no ED or CRD is__________?
1) Direct- Job costed
2) indirect- Home office overhead - Answer What are the two types of actual damages?
1) As planned
2) As-built
3) Schedule update network - Answer What are the 3 types of schedules?
1) event which entitles us to time (ORD or ED)
2) Owner denied time extension
3) Finish early - Answer What are the required elements of a constructive acceleration?
doing something that is not allowed - Answer What is a breach?
1) direct acceleration (Expressed)
2) Constructive (Implied by facts) - Answer What are the 2 types of acceleration?
A change out of the scope of contract (Breach) - Answer What is a " cardinal change"?
Public Jobs - Answer Where are Bonds mainly used ?
As- built - Answer The CPM schedule that is prepared after the work is complete is
called?
The contractor - Answer Who is responsible to prepare the progress schedule for the
work?
1) insurer
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