M3 CONCEPTS

Question 1

• a contract of restricted scope
• in Government Projects, a signification of desire to participate in a bidding process

Answer 1

Letter of Intent (LOI)

Question 2

Fixed fee contract

Answer 2

Lump-Sum or stipulated Contract

Question 3

Based on estimated quantities of items included in the project and their unit prices

Answer 3

Unit Price Contract

Question 4

owner pay cost of all labor and materials, plus an amount for contractor’s overhead and profit

Answer 4

Cost Plus Contract ( Cost reimbursable contracts)

Question 5

compensation based on contracting

Answer 5

Incentive Contract

Question 6

Typical Contents of a Construction Contract Documents

Answer 6

1. Introductory information.
2. Bidding requirements
3. Contracting requirements (General Conditions of Contracts
4. Specifications
5. Drawings
6. Bill of Quantities
7. Appendices

Question 7

bound portion of the Contract Documents

Answer 7

Project manual

Question 8

all directions, provisions, and requirements pertaining to the performance of the work and payment for the work

Answer 8

Specifications

Question 9

• Rules and regulations
• game plan statement

Answer 9

General Conditions of Contract (GCC)