
Types of Owner-Contractor Contracts
Authored by Eileen Pesantes
Professional Development
University
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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of Owner-Contractor contract is based on reimbursement for time spent and materials used?
Single Fixed Fee
Time and Materials
Unit Price contracts
GMP
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is another name for a lump sum contract?
GMP
Time and Materials
Fixed Price
Cost plus a fee
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a retainer fee used for in owner-designer contracts?
To cover the cost of materials and labor
To ensure the designer will be available for future services when work is not continuous
To pay for personal services on a per-diem or hourly basis
To calculate the cost based on a percentage of the construction cost
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of contract is commonly used for simple projects with a well-defined scope and low risk of unforeseen conditions?
Time and materials contract
Cost-plus contract
Lump sum contract
Unit price contract
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can work be procured under a Single Fixed Price contract?
Only through negotiation
Only through bidding
Either through bidding or negotiation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a Single Fixed Price contract expose the owner to?
Operational risk
No risk
Financial risk due to changes and errors
Legal risk
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the advantages of a fixed price contract during construction?
Increases the time spent by field inspectors on measuring quantities
Reduces the time spent by field inspectors on measuring quantities and preparing invoices
Requires more detailed quantity measurements
Decreases the quality of the work
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