
ECM366_3 APRIL24
Authored by Diana Hanapi
Other
Professional Development
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the two parties involved in construction contracts?
Owners and suppliers
Owners and contractors
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Do construction contracts typically include methods of communication and dispute resolution?
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who executes the job in a construction contract?
Owners
Contractors
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A lump-sum contract (also called a fixed price contract) names a total price for the entire job. This price accounts for all time and materials regardless of changes or issues. This type of contract protects owners against unforeseen changes and setbacks
TRUE
FALSE
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a performance bond in construction contracts?
To ensure timely completion of the project
To provide insurance coverage for the project
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a cost-plus contract and a lump-sum contract?
Cost-plus contract has a fixed price, while lump-sum contract is based on actual costs
Cost-plus contract includes all expenses, while lump-sum contract has a set total price
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to have a clear scope of work defined in a construction contract?
To avoid disputes and misunderstandings
To increase the overall cost of the project
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