Contracts Flashcards
how is a lump sum contract described
a contract in which the contractor agrees to perform stipulated work or services in exchange for a fixed amount of money
how is a competitive bid contract described
lump sum and unit price contract
do most contracts allow the owner the right to change work durring the course of the contrat
yes, however if there is a change in cost it must be in writing
who is responsible for jobsite safety
contractor
what type of bond guarantees that the successful bidder of a project will sign a contract with the owner for the amount of the bid
bid bond
which insurance policy is not required by law
fire insurance
what percentage of the total contract price are payment bond amounts on contracts under 5 million
50%
what percentage of the total contract price are performance bonds normally required to cover
100%
how is contractor liability insurance described
an insurance policy designed to protect the contractor aglainst claims brought by third parties who are not employees
if you plan to dig ____ or deeper you must contact a regional notification center (Dig Alert)
5 feet
the standard construction warranty is how long
12 months
subcontracting aspects of a project is legal as long as
the subcontracting project can be completed under the direct contractors license classification
a commercial contract is taken without a proper city permit. which of the following are possible consequences
-citation can be issued
-the contractors license can be temporarily suspended
-the contractors license can be revoked
in order to legally bid for or undertake a project in california, a contractor needs to have
a license number
