Contracts Flashcards
What series of contracts cover the agreements between the OWNER and GENERAL CONTRACTOR?
A Series (General Contractors are A-holes)
What series of contracts cover the agreements between the OWNER and ARCHITECT
B Series (Why is this not the A??)
What series of contracts cover the agreements between the ARCHITECT and CONSULTANT
C Series (CONSULTANT)
What is covered in the D Series of AIA contracts?
Architect Industry Documents
What is covered in the E Series of AIA contracts?
Digital File Management
What is covered in the G Series of AIA contracts?
Contract & Office Administration Forms (bidding documents, change order forms, construction change directives)
Which AIA contract is used with larger projects?
B103
Which AIA contract is used with smaller scope projects?
B104
What is Fiduciary Duty?
a FIDUCIARY is a person entrusted to manage assets for someone else. Their duty is to act in their beneficiaries’ interests, rather than their own.
What is indemnification?
also called the “Hold Harmless Clause” it’s a contractual obligation whereby one party agrees to not sue another party against loss or damage.
What is Retainage?
the process by which the owner withholds money from the contractor as protection in case the contractor fails to complete the work.
What are Liquidated Damages?
an amount of money stipulated in the contract to be charged to the contractor as reimbursement for damages suffered by the owner because of the contractor’s failure to fulfill contractual obligations.
What is the standard form of agreement between the OWNER and CONTRACTOR?
A101
What contract has the general conditions for contract for construction?
A201
What is the standard form of agreement between OWNER and ARCHITECT?
B101
