Chapter 4 - 14) What is unbalancing in the bid means? 15)...

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Chapter 4 Questionnaire 1) What is a Contract? =>legally enforced promise 2) What is the difference between purchasing a lawn mower or a set of living room furniture and a construction project? =>Construction you pay at beginning. 3) What is construction on a speculative basis? Give an example =>speculative is specs 4) Why wouldn’t you use speculative basis for a large construction project? 5) What are the 3 contract types? 6) Who takes the risk in a lump sum contract? =>Contractor 7) Who takes the risk in a cost-plus contract? =>Owner 8) What is the lowest responsible bidder means? =>someone who is competent to build 9) What documents do you use to verify financial status of the contractor? 10) What are two advantages and two disadvantages of competitively bid contracts? 11) What are the two basic types of competitively bid contractors? =>Lump sum, unit price 12) Lump sum contracts are used for what types of construction? =>Building Construction 13) What are unit price contracts and when are they used?
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Chapter 4 Questionnaire
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Unformatted text preview: 14) What is unbalancing in the bid means? 15) How do you achieve unbalanced bids? 16) Unit price contractors are used for what types of construction 17) What is a negotiated contract? 18) What is the most form of a negotiated contract? 19) What are four types of fee structure in negotiated contracts? 20) What is phased construction? 21) Do you save time and money if you do phased construction vs. lump sum contracts? 22) Who are Master Builders? 23) What are the design-bid-build methods of delivery? 24) Explain design build delivery methods? 25) What is integrated design-build? 26) What are turn key projects? 27) What is CM as agent? 28) What is CM at-risk? 29) Compare delivery methods? 30) How many does the owner have in the design-build format? 31) How many contracts does the owner hold with the CM as agent contract format? 32) How many contracts does the owner hold with CM at risk contract format? 33) In which contract format can you not utilize Fast Tracking?...
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Chapter 4 - 14) What is unbalancing in the bid means? 15)...

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