Stipulated sum - Study guides, Class notes & Summaries

Pre-qualification The ________________________ process results in a select bidders list, or short list, which identifies firms that have demonstrated to the owner that they have the necessary abilities to perform the required work. General Conditions Often referred to as the boiler plate, the _____________________ augment the construction contract (agreement) and outline the rules under which the project will be built by establishing the rights, authority, and obligations of the contrac...

What are the four reasons an architect should consider professional liability insurance? - Answer- 1. Social Responsibility, 2. Continuing Operations, 3. Contract Requirements, 4. Business Survival During the building of a pre-school and day care facility, the general contractor ran over the allotted schedule which interrupted the client's intention to be up and running before the beginning of the school year. The contractor is claiming that the delays are due to weather. Where should the...

Project Delivery Methods - Design-Bid-Build - Design-Build - CM - Multiple Prime Contract Types - lump sum - unit price - cost plus Liquidated damages Contractually stipulated amount to be paid for particular breach of contract Bid bond guarantee bidder will enter into contract with client if lowest bidder Performance bond guarantees contractor will perform specified work Payment bond guarantees contractor will pay for materials/labor used Sur...

Construction Contracts Test Questions with All Correct Answers Contract Types: Lump-Sum - Answer-contractors agrees to perform a stipulated job of work in exchange for a fixed sum of money extra costs are taken out of contractors pocket be sure and have contingency funds owners prefer Contract Types: Unit-Price - Answer-based on estimated quantities of defined items of work and costs per unit amount of each of these work items total sum of money paid to contractor for each work...

WEBCE Prep Exam Life Insurance|Latest Update Graded A+ Risk Management using strategies to reduce the amount of risk Risk The chance of loss from an event that cannot be entirely controlled Pure risk The possibility of loss with no chance of gain. That which can result only in a loss to the person at risk. Speculative risk Chance of loss or gain loss unplanned reduction in economic value. can be either direct or indirect. Underwriting The process that determines i...

FIRAC correct answers Facts- the court will tell you the relevant facts. Your first paragraph in the paper should layout the facts. Write about it as if Ellis has never read the case. Issue- put in a question format. "is the defendant guilty of criminal negligence?" you cannot put all of your issues together, one issue at a time then list RAC then begin with a new issue Rule- law (case law, statute, agency rule, common law) Argument- analysis of facts with the law Conclusion- answer the i...

FE Exam Question and answers 2023 verified to pass Project Delivery Methods - correct answer - Design-Bid-Build - Design-Build - CM - Multiple Prime Contract Types - correct answer - lump sum - unit price - cost plus Liquidated damages - correct answer Contractually stipulated amount to be paid for particular breach of contract Bid bond - correct answer guarantee bidder will enter into contract with client if lowest bidder Performance bond - correct answer guaran...

Design-Build - correct answer a method of project delivery in which one entity (design-builder) forges a single contract with the owner to provide for architectural engineering design services and construction services. Essential Concepts of Design-Build - correct answer Contractor & A/E have a direct contractual relationship Single point of responsibility contract controls Design Process Design-...

Xcel Texas Pre-licensing Education - Life and Health Insurance Insurance Glossary 1. Absolute assignment ️ Policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the assignment is absolute in form. (See assignment) 2. Accelerated benefits rider ...

2024/2025 LAW RESA Corporation Exam - Questions with Verified Answers, A Grade As regards the corporate by laws, which of the following is false? A. To adopt majority of the outstanding capital stock is needed B. To delegate to the BOD the power to amend, repeal, or adopt new by-laws, 2/3 of the outstanding capital stock C. To revoke the power delegated to the board to amend, repeal, or adopt new by-laws, 2/3 of the outstanding capital stock D. To amend, repeal or adopt new by-laws, majority o...