cee167-unknown-mt1-unknown-soln - Answers for Midterm#1 and...

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Answers for Midterm#1 and Credit Points Break-Down Question #1 [10 points] What elements are necessary for a valid and enforceable contract? ± Offer ± Acceptance ( Meeting of the minds, Agreements, etc.) ± Consideration ( Payment plan, Exchange, etc.) ± Legal Subject ± Competence of the Parties Æ 4 answers out of 5 get full credit. 2.5 points for each. Question #2 [10 points] What is Fast-Tracking? Why would someone fast-track? ± Definition Fast-tracking is starting the construction phase at a point when only limited design work has been completed. (For example, site grading and structure excavation begin when foundation design work is complete, but design work for all subsequent elements of the project, although in progress, is incomplete.) Æ 5 points ± Why to Use and When to Use This approach has the obvious advantage of shortening the overall delivery period for the completed facility. Since “time is money”, fast-track project delivery offers considerable potential savings to an owner. Therefore, someone would use fast- track when he wants to shorten the total project duration with possible saving. Æ 5 points ± (Risks) However, design changes after construction started may be very costly and time- consuming. This means less flexibility for owner to make changes. Coordinating design and construction entities can be much more difficult when they are separate entities.
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Question #3 [20 points] A contract was entered into for which an estimate of the project costs (exclusive of the contractor’s profit) equal to $22,425,000 was agreed to by the parties. The contractor’s profit
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cee167-unknown-mt1-unknown-soln - Answers for Midterm#1 and...

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