Lesson 5 - Cost Estimates

Question 1

Labor accounts for more then 50% of construction costs.

Answer 1

Merrit Shops or Open Shops. - Non Union Employers

Question 2

What is a prevailing wage?

Answer 2

A requested amount to be paid to non union workers to compare to the wages of Union workers.

Question 3

How long is the period that is required before the budget must be adjusted due to the delay of bidding and negotiating (this is to account for changes in market price)?

Answer 3

90 Days

Question 4

Type of Esitmate used in the early stages of design?

Answer 4

Cost per square foot, or cubic foot volume. You can find this in AIA Doc D101

Question 5

What Pubications provide cost data for estimates?

Answer 5

Means Building Construction Cost Data
Dodge Reports
Building Design and Construction News

Question 6

What is an appropriate contingency for project cost?

Answer 6

10-20% - Schematic Design Phase

Question 7

What are subsystem methods?

Answer 7

Subsystem Methods deal with a projects functional units or assemblies. Subsystems are conisitent from project to project though materials and methods may change.
This method allows the architect to compare between different methods of conceptual solutions during the design phase.

Question 8

What are Detailed Estimates?

Answer 8

Quantity and Cost Method and Labor and Materials Method. This is usually extra services.

Question 9

What is the no damages delay clause?

Answer 9

This is a clause put into the contract by the owner stating that the contractor can not seek damages due to the owner causing a delay.