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Construction Contracts Midterm Questions With Correct Answers.
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Construction Contracts Midterm Questions With Correct Answers.
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Name: Score:53 Multiple choice questions
Definition 1 of 53
A contract in which payment is based on a contractor's quoted price per unit of work performed
and the owner's measurement of the total number of such units installed.
Lump sum contract
Unit price contract
Cost plus fixed fee contract
Time and materials contract
Term 2 of 53
Flow Down Clause
Clause holding subcontractor liable for warranties that flow down from the owner
Contract clause stating that both parties are in a full and complete agreement
Detailed information about the project including structural and utility information
Contract in which the subcontractor provides both goods and services
,Term 3 of 53
Construction Manager at Risk
Provide site access
provide site information
provide design information (spearin doctirne)
In a public bid, the lowest responsive bidder is the one awarded with a contract.
A short-term, interim loan for financing the cost of construction. The lender makes
payments to the builder at periodic intervals as the work progresses. The most common
form of construction financing
-Typically, same criteria as for CM - Agency
-In addition to managing the construction process, the CM also becomes general
contractor in construction phase and subcontracts (hires) to subcontractors
-Consequently, Construction Manager bears financial risk
Definition 4 of 53
In a public bid, the lowest responsive bidder is the one awarded with a contract.
Most Qualified Bidder
Low Bidder
First Bidder
Lowest Responsive Bidder
, Term 5 of 53
Alternate Dispute Resolution
Supplier provides goods while a subcontractor provides services
Mistake of fact is an equitable defense while mistake of judgment is not and will cause the
contractor to be held to their bid price
a process by which the parties to a dispute resolve it through a mechanism other than
litigation in court; includes arbitration, negotiation, and mediation.
A contract in which payment is based on a contractor's quoted price per unit of work
performed and the owner's measurement of the total number of such units installed.
Definition 6 of 53
Standard for procuring design professionals
Brooks Act
Spearin Doctrine
Clinger-cohen Act
Miller Act
Term 7 of 53
Subcontractor vs Supplier
Supplier provides goods while a subcontractor provides services
a process by which the parties to a dispute resolve it through a mechanism other than
litigation in court; includes arbitration, negotiation, and mediation.
A promise is enforceable if one party can prove they have reasonably relied on it
Public owners (government) have many regulations in place whereas private owners
(individuals/businesses) do not
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