NASCLA Contractor's Guide, NASCLA Contractors Guide 2024 Graded A

Name the elements of a business plan -cover page -executive summary -company summary -products and services -market analysis -marketing strategy -financial plan advantages of sole proprietorship -minimal legal restrictions -simple ownership form -low start up costs -sole ownership of profits -freedom in decision making process disadvantages of sole proprietorship -unlimited personal liability -less available capital -possible difficulty obtaining long-term financing -dissolution of the business on the even of the owner's death who has limited liability in the company? limited partners advantages of a general partnership -ease of formation -direct profit rewards -larger management base than that of a sole proprietorship disadvantages of a general partnership -unlimited personal liability of general partners -multiple decision makers -limited life of the business -changes of partners or partnership agreement may be difficult -partnership dissolves in the event of the death of a general partner bid documents -invitation to bid -bid instructions -bid forms -supplements what is an invitation to bid gives a brief overview of the project, deadlines, and general requirements bid instructions contain specifics of how the bis should be completed and submitted bid forms bid sheet bid schedule bidder's questionnaire on the experience financial responsibility and capability copy of the contract supplements includes all items important to the overall bid process such as property and soil analysis what is the estimating checklist helpful for? when setting up your estimating framework to make sure that you have accounted for all materials and labor what is the most effective estimating method? quantity take off method what is labor burden (30% of labor cost) medicare and social security federal unemployment insurance worker's compensation liability insurance state unemployment insurance company benefits (health insurance, vacations) small tools and pickup trucks are examples of? what are indirect costs what are allowances items not specified in the project plans such as carpeting, fixtures, and lighting) what are contingencies percentages added to the estimate to protect the contractor if an unanticipated problem occurs what is project overhead cost that covers items necessary to complete the project but not directly associated with the labor and materials bonds, temporary storage, temporary office, security guard, utilities, dumpsters, and portable toilets are examples of? project overhead the cost of doing business (expenses necessary to keep the business running) is? company overhead office rent, accounting fees, taxes, telephone, legal fees, and administrative labor are examples of? company overhead what is mark up applied to the direct cost of the project what happens if mark up is too low you may not cover the costs for project which may cause you to break even or even lose money on the porject what is a conceptual estimate generally prepared by the architect using cost models from previous projects what is the benefit of a job cost recording system helpful in the estimating and project management what are the 4 required elements of a contract offer and acceptance consideration competent parties legal purpose breach of contract occurs when a party... refuses to perform the contract performs an act prohibited by the contract prevents the other party from performing its obligations idemnification absolves the indemnified party from any payment for losses and damages incurred by a third party