PcM - 4.0 - 5.0

Question 1

CERTIFICATE OF INSURANCE

Answer 1

A memorandum which outlines the types and limits of the insurance coverages carried by the contractor for a project

Question 2

INSTRUCTION TO BIDDERS

Answer 2

Instructions in the bidding documents for preparing and submitting bids for a project.

Also called “notice to bidders”

Question 3

GUARANTEED MAXIMUM COST

Answer 3

An amount established in an agreement between an owner and a contractor as the maximum cost of performing specified work.

Also called the upset price.

Question 4

SCHEDULE OF VALUES

Answer 4

A statement furnished to the architect by the contractor reflecting the amounts to be allotted for the principal divisions of the work. It serves as a guide for reviewing the contractor’s periodic applications for payment.

Question 5

LIABILITY INSURANCE

Answer 5

Insurance which financially protects the insured against liability on account of bodily injury or property damage sustained by another.

Question 6

LUMP SUM CONTRACT

Answer 6

An agreement under which the architect or contractor is paid a specific amount as the total fee for services performed.

Also called a “stipulate sum contract.”

Question 7

LETTER OF INTENT

Answer 7

A letter signifying intention to enter into a foral agreement and setting forth the general terms therof.

Question 8

POST-COMPLETION SERVICES

Answer 8

Additional services rendered to the owner by the architect following actual completion of the project.

Question 9

SUBSTITUTION

Answer 9

A material, system, or product proposed by a contractor as being equivalent to that required by the contract documents.

Question 10

PERFORMANCE SPECIFICATION

Answer 10

A specification which defines products or systems by describing end results.

Question 11

SUBSTANTIAL COMPLETION

Answer 11

As defined by in the AIA General Conditions,

completion of a project to the point where the owner can occupy all or designated portions of the work for the purpose for which it is intended.

Question 12

MECHANIC’S LIEN

Answer 12

A claim on property by those who furnish material or labor for the construction of a building. Clear titles to the property cannot be obtained until the claim is settled.

Question 13

APPROVED EQUAL

Answer 13

A material or method that is approved by the architect as being equivalent to what was originally specified.

Question 14

DUE CARE

or

STANDARD OF CARE

Answer 14

The requirement that a professional exercise reasonable ability and judgment in a specific circumstance, the absence of which constitutes negligence.

Also Called “Standard of Care”

Question 15

WAIVER OF LIEN

Answer 15

A document by which one relinquishes the right of a mechanic’s lien against the property of another.

Question 16

PROPERTY INSURANCE

or

BUILDER’S RISK INSURANCE

Answer 16

Fire and property damage insurance for a project during construction, usually purchased by the owner.

Also called, Bulider’s Risk Insurance

Question 17

CONSTRUCTION CHANGE DIRECTIVE

Answer 17

A document signed by the owner and the architect, which authorizes a change in the work, the contract sum, or the contract time. It is used when there is not complete agreement on the temrs of a change order.

Question 18

MEANS OF EGRESS

Answer 18

The elements which comprise an exit to the outside, including aisles, corridors, doors, and stairways.

Question 19

CSI MASTER FORMAT

Answer 19

A systematic listing of construction trades, materials, systems, and administrative, requirements published by the Construction Specifications Institute (CSI) for the purpose of organizing construction specifications.

Question 20

PERCENTAGE AGREEMENT

Answer 20

An owner-architect agreement

under which the professional fee is based upon a percentage of the construction cost of the project.

Question 21

ERRORS AND OMISSIONS INSURANCE

or

PROFESSIONAL LIABILITY INSURANCE

Answer 21

Insurance which financially protects an architect against claims for damages resulting from professional negligence.

Also called Professional liability Insurance

Question 22

UPSET PRICE

Answer 22

An amount established in an agreement between an owner and a contractor as the maximum cost of performing specified work.

Also called the “Guaranteed Maximum Cost”

Question 23

INDIRECT EXPENSE / OVERHEAD EXPENSE

Answer 23

Overhead expense, that is, expenses inderectly incurred and not chargeable to a specific project.

Also called “Overhead Expense”

Question 24

REFERENCE SPECIFICATIONS

Answer 24

A specification which refers to quality standards established by recognized testing authorities or by the federal government.

Question 25

RECORD DRAWINGS

Answer 25

A term sometimes erroneously used to describe drawings revised to show changes made during construction.

Sometimes errorneously called as-built drawings.