cee167-fa10-mt2-Ibbs-soln

cee167-fa10-mt2-Ibbs-soln - CE 167 Engineering and Project...

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CE 167: Engineering and Project Management Professor William Ibbs Fall 2010 General Instructions This exam is to be completed in a bluebook – answers not recorded in a bluebook will not be graded. Place the exam sheets on the inside of your bluebook when finished and hand them in back with the bluebook. Put your name on both your blue book and the exam sheet. Show your work step-by-step. Write legibly, and state any necessary assumptions. If you have a question during any portion of this exam, raise your hand & speak privately to the proctor. Questions: 1. [15 points] Define following terms in relation to construction project management: A) Contra Preferentum Ambiguities in conctracts are generally weighted in favor of the parties that did not draft the contract. E.G. whomever drafted the contract is generally held to a higher standard than other parties. B) Liquidated Damages Liquidated damages are a form of payment from the contractor to the owner in the event that the project does not meet the required completion date. LD’s are based on real, actual costs to the owner related to financing, opportunity costs, etc. C) Promissory Estoppel Typically is applied when bids are accepted for construction projects. It allows a party to recover on damages even though there might not be a full enforceable contract between the two parties (e.g. competence, consideration, reliance, etc.). Generally, one party has relied upon the promise of another party to his/her detriment. D) Bid Shopping The practice of accepting subcontractor bids for a prime contract, winning that contract, and then using that sub’s bid to leverage other parties to give you a lower price. This is an unethical practice. This can occur at all levels of the project hierarchical structure and work its way up. 2.
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cee167-fa10-mt2-Ibbs-soln - CE 167 Engineering and Project...

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