IDENTIFY 1. Variation orders to the contract may be _________ wherein the revised contract amount after applying a variation to the scope of works will have an additional. 2. Variation orders to the contract may be _________ wherein the revised contract amount after applying a variation to the scope of works will not change it. 3. These are the costs that are not physically seen while implementing the project.

IDENTIFY 1. Variation orders to the contract may be _ wherein the revised contract amount after applying a variation to the scope of works will have an additional. 2. Variation orders to the contract may be _ wherein the revised contract amount after applying a variation to the scope of works will not change it. 3. These are the costs that are not physically seen while implementing the project.

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter8: Pricing Generally

Section: Chapter Questions

Problem 5RQ

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6. Match the following terms with the most correct explanation Term Explanation Payment Bond Provides the owner with an amount to cover the damages/costs if the apparent low withdraws Bid Bond Provides the owner with a means for completing the work if the contractor cannot complete it. Lien Protects suppliers, subcontractors and employees Non-payment by the General Contractor Performance Bond Used primarily in private contracting; the General contractor and first-tier subcontractors place a debt upon the facility if they haven't been paid.
1. True or False? A payment bond provides the construction contractor a guarantee that they will receive timely payment for properly completed work 2. True or False? The terms price and cost are the same thing as it applies to a construction estimate. 3. From the following list, which item is least governing when interpreting a contract requirement?a. The Contract Agreementb. Amendments to the Contract Agreementc. Section view drawingsd. Specifications
A. Addenda C. Cost plus B. Lump sum G. Escape clause H. Liquidated Damages 1. Alternates N. Retainage D. Field Change E. Latent Defect F. Cardinal Change K. Bid Options P. Precon. Meeting L. Value Engineering J. Unit Price O. General conditions M. Fixed fee 29. A change order that is of such magnitude that the original scope of the project is altered to an extent that constitutes a new contract is known as a 30. The underlying purpose of the the rules under which the project will be built. or boilerplate of a construction contract is to outline 31. The exact bid amount is paid in one lump sum payment after completion of the project in a contract. 32. The contractor is reimbursed for actual expenses plus a percentage markup in a contract. 33. The actual number of units put in place is measured, then the unit price is multiplied by the number of units installed in a contract. 34. A study examines the functions of goods and services for the purpose of achieving necessary functions at the…
must not be less than 200 words but not more than 400 words. in case there's an abiguity in an contract whose interpretation shall govern/be favored?
Why is the contractor liable of providing the surety bonds to obtain written release prior to the final payment on projects?
What is the cost Reimbursable contract?
7
Give me right answer with explanation.
What is meant by the following terms?a. Yellow-dog contractb. Agency shopc. Subcontractor clause
T or F The Owner's level of risk, as well as their level of control, is highest on a Design-Bid-Build (Separate contracts) project. T or F Both Fixed Price and Cost Reimbursement contracts may be issued with Incentive clauses T or F Cost Reimbursement contracts are favored over Fixed Price contracts when the scope is indeterminate, the risk is high and/or availability of resources is uncertain T or F Design-Build is known as “Traditional" contracting T or F Privately financed contracts account for 70 – 80% of total construction volume.
What is the effect of “beneficial use” on the foregoing list of contract requirement?
Contractor A fails to complete the contracted Work for a project based on the contract drawings and specifications. The Owner has the Work completed by Contractor B. Who pays for the cost of the Work? O The cost is deducted from amounts owed to Contractor A O It is determined through Mediation O The A/E O The Owner O It is determined through Litigation O It is determined by the A/E O It is determined through Arbitration