List and explain the two fundamental types of competitively bid construction contracts. Find the contract type that is mainly used for the construction of piers for supporting large suspension bridge and provide reason for the same.

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Answer 1

Question

Chapter 4, Problem 1RQE

To determine

List and explain the two fundamental types of competitively bid construction contracts.

Find the contract type that is mainly used for the construction of piers for supporting large suspension bridge and provide reason for the same.

Expert Solution & Answer

Explanation of Solution

The two fundamental types of competitive bid construction contract are as follows:

1. Lump sum contract:

In this contract, a proprietor agrees to provide a fixed lump sum amount of money to the contractor for the complete execution of project.

The owner will know about the entire project cost only during the commencement of the project.

This contract type is used in small projects where the scope and responsibility of the owner and contractor are well defined.

2. Unit price contract:

This type of contract depends on the estimation of quantities of items involved in a project and their corresponding unit prices.

The contractor’s overhead and profit are incorporated in the unit price.

The resources involved in the construction project are recognized, but the total quantity of work involved in the project is unknown at the time of contract.

The unit price contract is mainly used for the construction of piers for supporting suspension bridge, as the bridge is supported by multiple units of similar piers and unit price contracts provide flexibility to the contractor to fix the price of unit pier and execute repeated work.

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Vehicles arrive at a single park-entrance booth where a brochure is distributed. At 8 A.M., there are 20 vehicles in the queue and vehicles continue to arrive at the deterministic rate of λ(t) = 4.2 − 0.1t, where λ(t) is in vehicles per minute and t is in minutes after 8:00 A.M. From 8 A.M. until 8:10 A.M., vehicles are served at a constant deterministic rate of three per minute. Starting at 8:10 A.M., another brochure-distributing person is added and the brochure-service rate increases to six per minute (still at a single booth). Assuming D/D/1 queuing, determine the longest queue, the total delay from 8 A.M. until the queue dissipates; and the wait time of the 40th vehicle to arrive.

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Answer 2

Question

Chapter 4, Problem 1RQE

To determine

List and explain the two fundamental types of competitively bid construction contracts.

Find the contract type that is mainly used for the construction of piers for supporting large suspension bridge and provide reason for the same.

Expert Solution & Answer

Explanation of Solution

The two fundamental types of competitive bid construction contract are as follows:

1. Lump sum contract:

In this contract, a proprietor agrees to provide a fixed lump sum amount of money to the contractor for the complete execution of project.

The owner will know about the entire project cost only during the commencement of the project.

This contract type is used in small projects where the scope and responsibility of the owner and contractor are well defined.

2. Unit price contract:

This type of contract depends on the estimation of quantities of items involved in a project and their corresponding unit prices.

The contractor’s overhead and profit are incorporated in the unit price.

The resources involved in the construction project are recognized, but the total quantity of work involved in the project is unknown at the time of contract.

The unit price contract is mainly used for the construction of piers for supporting suspension bridge, as the bridge is supported by multiple units of similar piers and unit price contracts provide flexibility to the contractor to fix the price of unit pier and execute repeated work.

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02:17

Answer 3

Question

Chapter 4, Problem 1RQE

To determine

List and explain the two fundamental types of competitively bid construction contracts.

Find the contract type that is mainly used for the construction of piers for supporting large suspension bridge and provide reason for the same.

Expert Solution & Answer

Explanation of Solution

The two fundamental types of competitive bid construction contract are as follows:

1. Lump sum contract:

In this contract, a proprietor agrees to provide a fixed lump sum amount of money to the contractor for the complete execution of project.

The owner will know about the entire project cost only during the commencement of the project.

This contract type is used in small projects where the scope and responsibility of the owner and contractor are well defined.

2. Unit price contract:

This type of contract depends on the estimation of quantities of items involved in a project and their corresponding unit prices.

The contractor’s overhead and profit are incorporated in the unit price.

The resources involved in the construction project are recognized, but the total quantity of work involved in the project is unknown at the time of contract.

The unit price contract is mainly used for the construction of piers for supporting suspension bridge, as the bridge is supported by multiple units of similar piers and unit price contracts provide flexibility to the contractor to fix the price of unit pier and execute repeated work.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:17

Answer 4

Question

Chapter 4, Problem 1RQE

To determine

List and explain the two fundamental types of competitively bid construction contracts.

Find the contract type that is mainly used for the construction of piers for supporting large suspension bridge and provide reason for the same.

Expert Solution & Answer

Explanation of Solution

The two fundamental types of competitive bid construction contract are as follows:

1. Lump sum contract:

In this contract, a proprietor agrees to provide a fixed lump sum amount of money to the contractor for the complete execution of project.

The owner will know about the entire project cost only during the commencement of the project.

This contract type is used in small projects where the scope and responsibility of the owner and contractor are well defined.

2. Unit price contract:

This type of contract depends on the estimation of quantities of items involved in a project and their corresponding unit prices.

The contractor’s overhead and profit are incorporated in the unit price.

The resources involved in the construction project are recognized, but the total quantity of work involved in the project is unknown at the time of contract.

The unit price contract is mainly used for the construction of piers for supporting suspension bridge, as the bridge is supported by multiple units of similar piers and unit price contracts provide flexibility to the contractor to fix the price of unit pier and execute repeated work.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:17

Answer 5

Chapter 4, Problem 1RQE

To determine

List and explain the two fundamental types of competitively bid construction contracts.

Find the contract type that is mainly used for the construction of piers for supporting large suspension bridge and provide reason for the same.

Expert Solution & Answer

Explanation of Solution

The two fundamental types of competitive bid construction contract are as follows:

1. Lump sum contract:

In this contract, a proprietor agrees to provide a fixed lump sum amount of money to the contractor for the complete execution of project.

The owner will know about the entire project cost only during the commencement of the project.

This contract type is used in small projects where the scope and responsibility of the owner and contractor are well defined.

2. Unit price contract:

This type of contract depends on the estimation of quantities of items involved in a project and their corresponding unit prices.

The contractor’s overhead and profit are incorporated in the unit price.

The resources involved in the construction project are recognized, but the total quantity of work involved in the project is unknown at the time of contract.

The unit price contract is mainly used for the construction of piers for supporting suspension bridge, as the bridge is supported by multiple units of similar piers and unit price contracts provide flexibility to the contractor to fix the price of unit pier and execute repeated work.

Answer 6

Chapter 4, Problem 1RQE

To determine

List and explain the two fundamental types of competitively bid construction contracts.

Find the contract type that is mainly used for the construction of piers for supporting large suspension bridge and provide reason for the same.

Expert Solution & Answer

Explanation of Solution

The two fundamental types of competitive bid construction contract are as follows:

1. Lump sum contract:

In this contract, a proprietor agrees to provide a fixed lump sum amount of money to the contractor for the complete execution of project.

The owner will know about the entire project cost only during the commencement of the project.

This contract type is used in small projects where the scope and responsibility of the owner and contractor are well defined.

2. Unit price contract:

This type of contract depends on the estimation of quantities of items involved in a project and their corresponding unit prices.

The contractor’s overhead and profit are incorporated in the unit price.

The resources involved in the construction project are recognized, but the total quantity of work involved in the project is unknown at the time of contract.

The unit price contract is mainly used for the construction of piers for supporting suspension bridge, as the bridge is supported by multiple units of similar piers and unit price contracts provide flexibility to the contractor to fix the price of unit pier and execute repeated work.

Answer 7

Chapter 4, Problem 1RQE

To determine

List and explain the two fundamental types of competitively bid construction contracts.

Find the contract type that is mainly used for the construction of piers for supporting large suspension bridge and provide reason for the same.

Answer 8

Expert Solution & Answer

Explanation of Solution

The two fundamental types of competitive bid construction contract are as follows:

1. Lump sum contract:

In this contract, a proprietor agrees to provide a fixed lump sum amount of money to the contractor for the complete execution of project.

The owner will know about the entire project cost only during the commencement of the project.

This contract type is used in small projects where the scope and responsibility of the owner and contractor are well defined.

2. Unit price contract:

This type of contract depends on the estimation of quantities of items involved in a project and their corresponding unit prices.

The contractor’s overhead and profit are incorporated in the unit price.

The resources involved in the construction project are recognized, but the total quantity of work involved in the project is unknown at the time of contract.

The unit price contract is mainly used for the construction of piers for supporting suspension bridge, as the bridge is supported by multiple units of similar piers and unit price contracts provide flexibility to the contractor to fix the price of unit pier and execute repeated work.