An owner wants to begin and complete a major building renovation project as soon as possible. For this project, the scope of work is not well-defined, there are a large number of trades involved (i.e., electrical, mechanical, tiling, carpentry, etc.), and the owner anticipates many changes during the course of construction. Which type of contract would be the best option for the owner? Group of answer choices Cost-plus Lump sum Unit price A + B Job order contracting (JOC)
An owner wants to begin and complete a major building renovation project as soon as possible. For this project, the scope of work is not well-defined, there are a large number of trades involved (i.e., electrical, mechanical, tiling, carpentry, etc.), and the owner anticipates many changes during the course of construction. Which type of contract would be the best option for the owner? Group of answer choices Cost-plus Lump sum Unit price A + B Job order contracting (JOC)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An owner wants to begin and complete a major building renovation project as soon as possible. For this project, the scope of work is not well-defined, there are a large number of trades involved (i.e., electrical, mechanical, tiling, carpentry, etc.), and the owner anticipates many changes during the course of construction. Which type of contract would be the best option for the owner?
Group of answer choices
Cost-plus
Lump sum
Unit price
A + B
Job order contracting (JOC)
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In general, there are 5 common types of Contracts.
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