L13 M2 Flashcards

1
Q

Fast and flash tracking is possible with DBB but not alt methods. true/false

A

false, possible with alt, not DBB

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2
Q

Surety bonds: three party agreements where the third party (___) guarantees to a second party (___) the successful performance of the first party (___).

A

surety company
obligee or owner
principal

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3
Q

Bond value typically __% of bid amount

A

10

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4
Q

Payment bonds: if subs/vendors are not payed within __ days, the bond may be called

A

90

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5
Q

Payment bonds: Purpose to ensure that contractors pay their subcontractors and materials suppliers thus avoiding a ‘____’ on the project

A

worker’s lien

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6
Q

A “_____ developer” is a property developer who produces a turnkey project and receives a fixed payment.

A

fee

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7
Q
Which of the following construction contract types is most suitable for construction work that is repetitive in nature and requires that the work involved is extremely well understood and is non-variable?
Cost reimbursable
Fixed price
Unit rate
Stipulated
Lump sum
Guaranteed maximum price
Cost-plus-fee
A

unit rate

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8
Q

Builder’s risk (or contract works) insurance covers…

A

damage to the building under construction

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