Civl 202 HW 1 Ans

Civl 202 HW 1 Ans - 3.1 What is the difference between...

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3.1 What is the difference between liquidated damages and a penalty for late completion of the contract? 1) Liquidated damages are an estimation of the loss that the owner is incurring by not having the project in operation. The contractor has to pay this amount to the owner for every day the project is not operating. 2) A penalty is an amount of money usually higher than the liquidated damages and estimated without any link to actual damages incurred by the owner. 3) Legal precedent establishes that the same amount established in the penalty has to be paid to the contractor as a bonus if the contractor finishes the project earlier than the established date. 3.5 Describe the procedures to be followed for the receiving and opening of bids. If possible attend a bid opening and determine the number of bids that were submitted. For several unsuccessful bids determine the dollar amounts by which they exceeded the winning bid. Then calculate (relative to the winning bid) the percentages by which they exceed the winning bid. What do these figures tell about the strength of the current estimating and market
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Civl 202 HW 1 Ans - 3.1 What is the difference between...

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