Chapter 2 Flashcards
One who constructs dwellings to be sold
Speculative Builder
One who undertakes a legal obligation to build houses that are owned by others
Contract Builder
A building built from the ground up, as differentiated from one that is adapted from an existing building
New Construction
Modifying an existing building
Remodeling
A contractor who has responsibility fro the overall conduct of a construction project
General Contractor
Certified by a state government as being competent to practice a profession or trade
Licensed
In construction law, covered by a bond. In concrete construction, adhered to concrete
Bonded
Covered by a contract or contracts that will pay for damages or expenses in the event that specified things go wrong
Insured
Employing a contractor or builder for a project without competitive building
Direct Hiring
One who acts as both developer and builder
Developer/ Builder
Furnishing both design and construction services with a single business entity
Design/ Build
A process of soliciting and comparing cost proposals from two or more business entities, usually for the purpose of making a business arrangement with the one who proposes the lowest cost
Competitive Bidding
An agreement that specified work is to be carried out for a given price
Stipulated-Sum Contract
An agreement to perform work for payments equal to the direct cost of the work plus additional payments for the contractor’s overhead and profit
Cost-Plus Contract
An agreement to add to, subtract from, or alter a work that is already under contract. This may include a provision for adjusting the contract price according
Change Order
