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Commercial Construction Final Review questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating

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  • August 5, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
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  • commercial construction final review

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  • Commercial Construction
  • Commercial Construction

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Commercial Construction Final Review
-construction-related
-physical
-contractual and legal
-performance
-economic
-political and public - ANS-Name the six categories of risk

-errors and omissions
-conflicts in documents
-defective design
-shop drawings - ANS-Name the four types of risks that are properly allocated solely to the
engineer or architect.

-if a risk is imposed upon a party, an opportunity for reward to that party should exist for properly
dealing with it
-allocation of the risk to the party that is in the best position to control it
-allocation of the risk to the party in whose hands the efficiency of the system is best promoted
-allocation of the risk to the party that is best able to undertake it financially
-steps should be taken to assure that risks are actually allocated as intended - ANS-What are
the four guidelines for allocation of risk in construction contracts?

-Insurance shifts to the owner protecting against anything not from a result of contractor's
negligence.
-Owner must perform work on overtime bases if contractor being interfered with punch-list items.
-Hedge against lien claims and a guarantee to the owner that sufficient funds will remain to pay
another party to complete the work or correct items not up to the standard.
-If all lien waivers received, amount of retention should be put into value of work on punch
list.Two times the value of punch list items. - ANS-Effects of achieving substantial completion
upon the contract requirements for project insurance, liquidated damages, time for filing lien
claims, processing of payments, and retainage.

-parties must be prepared to discuss risk
-who is in best position to take on risk
-who can financial handle risk
-who wants to take on risk - ANS-What are the principal issues that should be considered in the
allocation and assumption of risk responsibility?

-site access
-subsurface conditions
-acts of god-

, economic disasters
-funding
-owner-furnished equipment
-environmental controls
-codes and regulations
-public disorder - ANS-Name four types of risks that are properly retained solely by the owner.

-starts clock on project
-yes site access is authorized - ANS-What is the significance of a Notice of Award? What does it
do? Is access to the site authorized thereby?

-To record work hours of machinery and work by the contractor
-To test any of the materials coming onto the jobsite according to the spec.
-To make sure no fraudulent acts are happening on the job site.
-To make sure no deficiencies are happening on the job. - ANS-Describe the responsibilities of
the inspector during
construction.

-weather
-subcontractor failure
-accidents at site
-defective work
-materials and equipment
-labor
-safety at site
-union strife - ANS-Name four types of construction risks that are properly allocated solely to the
contractor.

(a) Bid bond
(b) Payment bond
(c) Performance bond - ANS-What types of bonds are required to be provided by a
bidder/contractor on a public works contract?
(a) Bid bond
(b) Payment bond
(c) Performance bond

(a) Design risks - ANS-Which of the following items is/are not among the categories of risk?
(a) Design risks
(b) Political and public risks
(c) Contractural and legal risks
(d) Economic risks
(e) Construction related risks
(f) Physical risks
(g) Performance risks

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