Choice 1 Extreme ease of use Choice 2 Designer preference Choice 3 Project owners requiring it Choice 4 Low purchase price b) To avoid Insurance Subrogation risk, a party to a contract needs to: Choice 1 Add itself as named-insured Choice 2 Ask for leniency Choice 3 Ask for tail coverage Choice 4 All of the above c) Why are standard contract forms preferred in construction projects? Choice 1 Elimination of lawyer fees Choice 2 Easier to understand Choice 3 Are inexpensive to purchase Choice 4 None of above

Q: What are Bidders Prequalifications?

A: - The motive of  prequalification process is to examine a contractor and to determine its…

Q: T or F The Owner's level of risk, as well as their level of control, is highest on a…

A: Note:- Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: What is the cost Reimbursable contract?

A: A constructional contract is defined as an agreement between two parties in which general and…

Q: What is meant by the following terms?a. Yellow-dog contractb. Agency shopc. Subcontractor clause

A: a) Yellow Dog Contract:- The contract in which the employee is asked by employer to sign an…

Q: Determine the criteria for the selection of a contract. Time  Cost  Quality  Risk

A: Brief concept introduction- Contract- A contract is an agreement between two parties that is…

Q: Please match the 5 levels of BIM. Level 1 Total Cost of Ownership: Take v Level 2 Visualization: a…

A: Building Information Modelling (BIM) levels describes the information content of BIM object at a…

Q: . True or False? A payment bond provides the construction contractor a guarantee that they will…

A: Construction works include demolition, erection and repair of structures and civil works.…

Q: Draw a schematic diagram to illustrate the contractual relationships in the construction industry…

A: As civil engineers or relationship managers, we have to take responsibility for maintaining peace…

Q: Verify, using appropriate Chapter E design provisions, the tabularized (Table 4-7) buckling capacity…

A: Given: Column size: WT 6 x 20 Effective length: KLx=KLy=KLz=10 ft Steel: A992 To find: Design…

Q: Describe the general conditions of the construction contract?

A: General requirements cover any part of the project, meaning that it may be complicated to break down…

Q: what are the advantages and disadvantages of the four basic contract types? -lump sum,…

A: Lump Sum Contracts Despite the fact that the owner benefits from streamlined accounting and less…

Q: Discuss why contractors must make bid/no-bid decisions and the factors involved in making these…

A: Bidding is the stepping process for contractors to establish a strong firm. Making good decisions on…

Q: Is it of vital importance that all bidders receive identical sets of bidding documents?

A: Bidding is the process of submitting a proposal or tender (offer in writing to execute some…

Q: Who provides performance and payment bonds?

A: For several construction projects a payment bond is needed.

Q: True or False? One option for competitive bidding is a lump sum proposal; one option for negotiated…

A: Let's talk about the first statement "One option for competitive bidding is a lump sum proposal"

Q: What is the fixed-price incentive contract?

A: Fixed price incentive contract is a contract in which a fixed percentage on the total target cost or…

Q: Can anyone please explain the difference between negotiation, mediation, arbitration, litigation in…

A: The majority of design, as well as construction contracts, include "conflict resolution" clauses.…

Q: 247. To determine a subcontractor's probable financial stability, which of the following would be…

A: This question is related to the Estimate and Quantity Surveying from Civil Engineering.

Budget Estimating

The term budget signifies a plan over the long run, generally, a year that covers the financial expenses and revenues of any organization. This budget plan is known to estimate the growth and success of any organization. Civil engineering companies utilize project budgets for estimating project costs, construction costs, and other direct and indirect costs related to the project being undertaken. Project budget is a detailed statistical tool primarily used by project managers to estimate the overall project cost. The project budget is in the form of a document that includes all the costs which are incurred during the project undertaking and after the completion of the project. Large commercial projects have the project budget estimate in the form of large detailed pieces of documents which include every cost estimate regarding man and materials. Labor costs, material procurement costs, construction costs, and operational costs are some of the costs that are incurred during the project execution and planning phase.