Cnst 2341 - Study guides, Class notes & Summaries

CNST 2341 FInal Questions And Answers Graded A+ | Complete Solutions

`serve as one point of responsibility to who? - the owner `The 3 method of payment are ? - 1. Lump Sum 2. Unit price 3. Cost Plus `total float or simply "float" is also referred to as a what - "slack" `With OCIPs and CCIPs the disadvantages of the programs includes what? - increased administration burden by the owner or contractor `With Sole Proprietorship type of business entity, any debt that exceeds the company's assets must what? - Be paid for with private the owner. A certifi...

AIA 201 3.18 Indemnification 3.18.1 correct answers Contractor shall hold the owner not liable for any harm done by him and shall compensate for any harm loss arising out of or resulting from any extent caused by the neglect or omission of the Contractor or any representative for the contractor is held liable. AIA 201 3.18 Indemnification 3.18.2 correct answers The person at fault from the contractors or subcontractors side has a claim on them then, they are liable to the indemn...

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CNST 2341 Final Exam

CNST 2341 - Final Exam Concepts Questions And Answers Graded A+ | Complete Solutions

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3 methods of payment common in the construction industry correct answers - Lump sum - Unit price - Cost plus Most common Lump sum correct answers a single payment made at a particular time Unit Price correct answers the cost per unit. Mostly used between contractor and subcontractor Cost Plus correct answers A contract where payment is for material and labor, with a profit factor added. Used when you are uncertain what the price will be. Renovation Methods to deliver a projec...

3 payment methods common in construction industry - Lump sum, Unit Price, Cost Plus 4 Corners - is a contract law doctrine that "the meaning of a document is to be gathered from the entire (all four corners) document." 4 elements of a contract - 1. Agreement (mutual consent) 2. Consideration 3. Capacity to contract 4. Legal subject matter Bid Bond - used to ensure that the principal will honor their bid and enter into a contract with the obligee (owner) for the bid amount after the bi...

Indemnify Law and Legal Definition correct answers To indemnify means to reimburse another for a loss suffered because of a third party's or one's own act or default. It can also refer to a promise to reimburse another for such a loss or to give another security against such a loss. The right to indemnity and the duty to indemnify commonly comes from a contractual agreement, which generally protects against liability, loss, or damage. patent defect correct answers an obvious flaw in a produ...