L13 M2 Flashcards
Fast and flash tracking is possible with DBB but not alt methods. true/false
false, possible with alt, not DBB
Surety bonds: three party agreements where the third party (___) guarantees to a second party (___) the successful performance of the first party (___).
surety company
obligee or owner
principal
Bond value typically __% of bid amount
10
Payment bonds: if subs/vendors are not payed within __ days, the bond may be called
90
Payment bonds: Purpose to ensure that contractors pay their subcontractors and materials suppliers thus avoiding a ‘____’ on the project
worker’s lien
A “_____ developer” is a property developer who produces a turnkey project and receives a fixed payment.
fee
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
unit rate
Builder’s risk (or contract works) insurance covers…
damage to the building under construction