110 Contract Quiz

In construction, the most common type of contracts are the ______

• GMP Guaranteed max Price

• Lump Sum

• Time and Material

• Unit Price Contract

The contract documents are made up of which items?

• Construction drawings

• Notice to Proceed

• Project Manual

• A bottle of Tylenol for the Estimator

The Project Manual has how many primary sections?

• 1

• 2

• 3

• 4

This agreement is what protects all parties involved with the construction project.

• Warranty agreement

• Technical Specs

• Financial Statement

• Contract

• The local attorney

Once both parties agree to the terms of the contract, any changes or flaws, or errors in the plans will result in a _______ _______. This usually costs the owner more money

• Change Order

• Cease Activity

• Construction Stoppage

• Financial Fine

Another name for a Cost-plus-fee Contract is

• All expense Paid

• Guaranteed Maximum Price

• Over-Under-Contract

• Time And Materials

Who is at risk the most under a Time and Materials Contract?

• Contractor

• Financial institution

• Owner

• Sub Contractors

This type of contract has become very popular especially with the owners of the project.

• Time And Materials

• Cash based Payout

• Unit Price Contract

• Guaranteed Maximum Price

This type of contract is very common for heavy civil construction.

• Unit price

• Cash under the table

• Collective bargaining

• Project Buy Out

The type of Bid, your Pickle Project is going to be what type of bid?

• Qualifications Based selection

• Best-Value Selection

• Low Bid selection

• It depends on how many pickles you can eat?

• Time and Material Bid