Stipulated sum Study guides, Class notes & Summaries

ARE 5.0 – CE LATEST 2023 WITH COMPLETE SOLUTIONS addenda Statements or drawings that modify the basic contract documents after the latter have been issued to the bidders, but prior to taking of bids. addition (to the contract sum) An amount added to the contract sum either by an accepted additive alternate or by change order. advertisement for bids Published public notice soliciting proposals for a construction project. agent One who acts on behalf of another. alternate bid Proposal by bid...

Construction Contracts Test Questions with All Correct Answers Contract Types: Lump-Sum - Answer-contractors agrees to perform a stipulated job of work in exchange for a fixed sum of money extra costs are taken out of contractors pocket be sure and have contingency funds owners prefer Contract Types: Unit-Price - Answer-based on estimated quantities of defined items of work and costs per unit amount of each of these work items total sum of money paid to contractor for each wor...

NJ Life Insurance Study Questions with Correct Answers Beneficiary - Answer-Person to whom the proceeds of a life or accident policy are payable when the insured dies. The various types of beneficiaries are primary beneficiaries (those first entitled to proceeds), secondary beneficiaries (those entitled to proceeds if no primary beneficiary is living when the insured dies), and tertiary beneficiaries (those entitled to proceeds if no primary or secondary beneficiaries are alive when the insur...

Pact de non Alienando - ANSWER-Clause contained in the mortgage or other encumbrance agreement whereby the obligor agrees not to sell, engage, alienate or mortgage the same property to other persons to the prejudice of the mortgage Corporate Resolution - ANSWER-An official written certificate of the corporations secretary that the resolution was adopted by the corporations board of directors Confession of Judgment - ANSWER-A person's agreement in a mortgage to the entry of judgment if he ...

MN State Insurance Exam Questions with Verified Solutions How are employee FICA taxes collected? The employer withholds the employee's tax and pays it along with the employer's portion Mateo applies for an insurance policy that will have an annual premium payment of $1,000 ($510 semi-annually, $260 quarterly, and $100 monthly) if issued. Which of the following premium checks would be adequate consideration if he chose to pay monthly? $100 The nonforfeiture option that provides t...

2024 Louisiana Notary Exam Part 1, Louisiana Notary Prep NEWEST 2024 ACTUAL EXAM 576 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ASNWERS) |ALREADY GRADED A+ Pact de non Alienando - Answer- Clause contained in the mortgage or other encumbrance agreement whereby the obligor agrees not to sell, engage, alienate or mortgage the same property to other persons to the prejudice of the mortgage Corporate Resolution - Answer- An official written certificate of the corporations secretary that...

ARE 5.0 Project Management Exam with Questions and Answers Liquidated Damages ANSWER Fees paid by the contractor to the owner for every day the project is late. Retainage ANSWER A percentage of each payment is withheld until final completion of the work. Stipulated Sum ANSWER A fixed price that the owner agrees to pay the contractor for the work as shown in the contract documents. Guaranteed Maximum Price (GMP) ANSWER The contractor or construction manager guarantees the owner a fixe...

PRIMERICA LIFE INSURANCE EXAM. All Most Examined Questions Bank with answers. 100% verified. Rated A. An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock - A. mutual funds not paid out after paying claims ...

Life Insurance Terms Latest Update 100% Correct Accelerated benefits rider may be added to a life insurance policy that permits the policy owner to "accelerate" or receive a certain percentage of the death benefit while the insured is still alive when he or she has been diagnosed with a terminal illness. Whatever amount is paid to the owner under the rider is subtracted form the face amount when death occurs and the remainder is paid to the designated beneficiary Accident an unforeseen, unint...

Pact de non Alienando - ANSWER-Clause contained in the mortgage or other encumbrance agreement whereby the obligor agrees not to sell, engage, alienate or mortgage the same property to other persons to the prejudice of the mortgage Corporate Resolution - ANSWER-An official written certificate of the corporations secretary that the resolution was adopted by the corporations board of directors Confession of Judgment - ANSWER-A person's agreement in a mortgage to the entry of judgment if he ...