The significant feature of ‘unit price contract’ is that the price per unit. Although quantities may vary, Unit Price is fixed at the time the contract is entered into and it is to remain unchanged throughout the work performance. Variations are allowed during the execution of the project. Explain in your own words what ‘Variations’ are?

Q: Describe the two stages involved in pricing an estimate.

A: Pricing of estimate is defined as the approximate calculation of cost of the project. The…

Q: Costs that include items that cannot be readily charged to any one project, but represent the cost…

A:

Q: As the owner of the project MDS, you had defined the contractual relationshipsI parties involved in…

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Q: TRUE OR FALSE. EXPLAIN. Resale value is exactly the same as scrap value.

A: FALSE Resale value is the value of asset without when it is still serviceable/has some usefully…

Q: : A construction company had a number of projects and needed to a construction equipment to be used…

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Q: Do the task according to the assignment. Show formulas and solutions as a whole, how you made the…

A: A step wise solution is given below.Explanation:

Q: A construction contract is an agreement between two or more parties to execute the construction…

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Q: the largest axial P force that the given riveted joint can safely carry. calculate. Rivet diameter D…

A: B = 340 mm t1 = 21 mm t2 = 38 mm Rivet diameter = 28 mm Shearing stress of rivet = 1400 kg/cm²…

Q: What means are available to a contractor bidding a unit-price project for recovery of “General…

A: Front loading bids, unbalancing bids to retrieve mobilization costs. Owners set lump sum amounts for…

Q: Why do owners frequently call for alternative prices to be quoted with bids for construction work?

A: It Is quite common for project owners to ask contractors to provide alternative bids for work or…

Q: A bill is made out for a completed repair job. The bill is broken down into partsand labor. The…

A: Given:- Total bill = $84.57 Part cost = $27.68 To find:- The cost for labor

Q: If BCWP is 320 $ and the ACWP is 500$ then you are probably: Select one: O a. On Budget O b. Under…

A:

Q: What are the components of work to which cost information are required by every estimator?

A: IntroductionCost estimation is the most important process of any project. The cost estimation is to…

Q: For the past 7 years, you had paid $500 every 6 months for a software maintenance contract. What is…

A:

Q: Why does the estimate of probable total cost need to be revised as the project progresses?

A: there are two reasons for revise cost of project as project progress.

Q: Cost estimation plays a vital role in the success of any project. Explain the different tools and…

A: The cost estimation: Cost estimation is one of the important parts of a project, the process of…

Q: How can we calculate depreciation of any equipment?

A: Depreciation- It is defined as a technique that allows an organization to list its asset value over…

Q: What is the procedure of the payments for extra work?

A: The contractor is the sole responsible for the betterment and finishing the construction project on…

Q: On lump-sum contracts, what are the  two methods available toutilize a PC computer in determining…

A: Lump-sum contracts : In lump sum construction contract, contractor fix a single fixed price for all…

Q: 3. Negotiations is one of the methods for tendering procedures in selecting the main contractor to…

A:

Q: Discuss the effect of supervening impossibly. On the performance of a contract.

A: Supervening impossibility, often referred to as supervening events or the concept of frustration, is…

Q: Revenue minus Profit =

A: Revenue is the total amount of income generated by the sale of goods or services related to the…

Q: A practice related to construction finance that can be interpreted as unethical is: A. front-loading…

A: There are many practices in the construction which are interpreted as unethical  Bribing…

Q: lished at $18,000,000. The contract calls for a fixed fee of one million dollars for the contractor…

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Q: true/ false 19) Debt financing has the lowest risk for investors. 20) On average, design consumes…

A:

Q: Why is the accurate pricing of labor and equipment very difficult on some projects?

A: The labor and equipment are the most important part of any project. They both are connected to each…

Q: In the given project, the expected markup is 30%, four payments are expected to be paid to the…

A: Plot the given data:

Q: Calculate the average actual wage, given the following: Base Wage: $55.65 Project Hours are 10…

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Q: How is the allocation of indirect costs usually done?

A: Let's first understand what is indirect cost: Indirect prices area unit those that can't be fully…

Q: Question 14: What is a key characteristic of the preconstruction stage? o walkdown of the site o…

A: 14)  procurement  15) False  The wrong judged prices will be equally shared by both contractor and…

Q: How can we find asset value after 'a' years in service ?

A: The reduction in the value of an asset after serving a period of time is called depreciation. To…

Q: Why does the contractor not want to make a commitment to unit -price amounts?

A: In Unit price amount contract, it is a commitment by the contractor to fix the rates of each and…

Q: Q2. Suppose you are an engineer in the real estate departiment of a foreign bank. The hank desire to…

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Q: Accusoft Systems is offering small business owners a software package that keeps track of many…

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Q: What is a contract? What are the different types of civil engineering contract? State the…

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Q: Q: Contract variations have a huge possibility of occurrence to any construction project. Explain…

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Q: A contractor wishes to participate in the bidding for a government project and submitted documents…

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Q: Explain the significance of unit cost in the context of a task order pricing structure.

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Q: Advantage of Measured or Unit rate Contract اختر أحد الخيارات a. the tender sum tells him the exact…

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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.