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Construction Contracts Exam 1 Questions And Verified Detailed Answers
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Construction Contracts Exam 1 Questions AndVerified Detailed Answers
How large is the construction industry? -Answer -represents near 2/3 of $1 trillion in
expenditures per year
-represents about 5% of GDP
-about 6% or 7.5 million employed
Subcontracting (Specialty Contractors) -Answer-are often necessary so that the
expertise needed to complete the project can be obtained (usually about 10-15 trades
on project)
Average Annual Pay For Construction Workers -Answer-over 10% above all works in US
industries
payroll exceeds $160 billion
Public Work - Answer -projects such as highways, parks, and libraries built with public
funds for public use
-appropriate from annual operating budgets (general taxation)
-special taxation assessments for specific purposes
-bond issues for specific purposes
-endowments
Private Work - Answer -funded projects account for an avg 68% of total construction
volume
-projects include most building, railroads and utilities
-expenditure of existing capital
-direct loans from outside creditors
, -sale of fixed assets
-issuance of additional shares of stock
-issuance of corporate bonds
-endowments
Housing Construction - Answer residential units (single-family homes, multiple-family,
low/high rise apartments) constructed by speculative builders and contractors under
contract with the owner.
Building Construction - Answer institutional, education, light industrial, commercial,
social, religious, farm, amusement, and recreational projects, both private and public
Engineering Construction - Answer Includes all structures in which most of the planning
and design is performed by engineers
Industrial Construction - Answer includes projects related to the production and
manufacturing of a product or service commercially
General Contract Method (DBB) - Answer-the owner has 2 contracts, one with designer
and one with the contractor
-works for both public and private
-GC has separate contracts with all the subs
Separate Contracts Method (Owner as GC) - Answer- aka multiple prime contracts
method
-owner has direct contract with A/E and all subs
tends to have a CM or and construction engineer
Self-Performance Method - Answer -some construction work or the "in-house" work
-owners own workers or employees are solely assigned the task of performing the
construction work
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