Help me define the following terms using only the PICE Manual as your reference. 1. Contract 2. Calendar day 3. Simulated contract 4. Contract price 5. Slippage 6. Specification 7. Obligation 8. Reformation 9. Voidable contracts 10. Unenforceable contracts 11. Inexistent Contracts 12. Contractor 13.Force majeure 14. Performance Bond 15. Bid Bond

Q: What is lump sum contract?

A: The lump sum contract is the traditional method of contracting in which the contractors are required…

Q: What is contract? Discuss different types of contracts in detail with suitable examples

A: A Contracts is a legal framework or a set of rules which are carried out to establish a legal…

Q: What are the various types of contracts? Discuss various stages in contract placement.

A: The task of doing any work or item of work under some prescribed set or terms and conditions by…

Q: What are common contract documents?

A: In construction, contract documents are the written documents that describe the work,…

Q: There are several types of construction contracts. However, often a standard form of contract is…

A:

Q: List and briefly explain major Components of a Construction Contract in detail.

A: Major components of a construction contract are, 1.Money- when it comes to determining…

Q: Describe the management and Turnkey Contracts?

A: A Turnkey Contract is one under which the contractor is responsible for both the design 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: Write technical explanation of the following; i. Price adjustment formula (Escalation). ii.…

A: i)  Price adjustment formula (Escalation) The upward trend of rates, known as price escalation, may…

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: What are construction contracts?

A:

Q: 4)On a map drawn to scale of 1cm = 20 m,the horizontal map distance between 1/2 m contours on a…

A:

Q: What are the performance bonds?

A: Performance bond:

Q: 6. The composite bar is firmly attached to unyielding supports. The bar is stress-free at 60°F.…

A: Given, P = 50 kips T1 = 60F T2 = 120F

Q: q1) a. Explain the statement: Documents for construction contracts are not always the same as…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Classify the under listed instances into the appropriate types of contracts. a. A standard form of…

A: Where Particular Conditions can be used, FIDIC contracts provide guidelines on project-specific…

Q: What are the types of Drawings comprising to construction contract?

A: Drawings help to understand the various minute details of the construction project. Drawings are an…

Q: What is a written contract?

A: - A Written Contract is a type of legal document which is a printed or manually written agreement…

Q: Describe the term International Construction Contract?

A: International Construction contract is defined as the contract prepared for the international…

Q: What is an Advanced Payment Bond?

A: An advanced payment bond is also called an advanced payment guarantee, it is provided by the party…

Q: Describe the term “Order of Precedence of Contract Documents?

A: Construction contracts are a collection of various documents drawn up by various participants of…

Q: ies, and "Work" under the Construction Contract ent and contractor. Explain SIX (6) factors in sele

A: A construction contract is a written agreement between two parties that is mutually or legally…

Q: The printed standard form of contract that contains the standard conditions of contract, general…

A: Tender is an invitation from the owner to the contractor to execute some work at specified cost in…

Q: Why are monthly reports of Contract Performance important?

A: The report that provides cost of contract and its total schedule and its performance data to…

Q: Q5. Insurancê, Bor With reference to your personal learning on the module, identify new knowledge…

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Q: Using Figures 21.2 and 21.3, determine the cost for a (250 ft) by (200 ft) warehouse. The exterior…

A: The cost of all parts of the project construction is usually based on the number of construction…

Q: List and explain major elements of a Construction Contract in detail and briefly.

A: Brief concept- Contract- It is an agreement between two parties. A contract is to undertake any…

Q: Briefly discuss the two conditions that would bind the agreement in a contract. *

A: A contract is a legally enforceable written or oral agreement.

Q: Describe the Negotiating tips?

A: Negotiation is a process through which conflicts are resolved by individuals. It is a mechanism…

Q: Most of the Negotiate :Contracts a nedule of Rates contracts C able percentage contract Competitive…

A: Cost plus types contract are mostly negotiable because this contract is usually done to finish the…

Q: Describe the concept of a design-build contract?

A: The project delivery system is a process which is used to assign the responsibilities of the…

Q: Explain the following terms in detail.  i) Contract ii) Types of Contracts

A:

Types of Contracts

A verbal or written agreement between a person and a firm, for undertaking construction, material supply, maintenance, and repair work which is enforceable by law is termed as a contract. The person who undertakes the contract for execution of the work is termed as a contractor. The contracts are classified into different types depending on the nature of the contract.