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Construction Cost > PreLim > Flashcards

PreLim Flashcards

1
Q

Means and include the cost of the entire construction of the project including all supervisions, materials, supplies, labor, tools, equipment, transportation and/or other facilities, furnished, used or consumed, without deduction on account of penalties, liquidated damages or other amounts withheld from payment to the contractor or contractors.

A

Construction Cost

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2
Q

Regarded as a valuation based on opinion or roughly made from imperfect or incomplete data. Not professedly exact in regard to the cost of certain work

A

Estimate

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3
Q

Indirect cost required to build the project

A

Overhead

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4
Q

Costs for any potential unforeseen work

A

Contingencies

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5
Q

Cost for compensation for performing the work

A

Profit

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6
Q

Distinct task in estimating

A
  1. To determine the probable real cost
  2. To determine the probable real time to build a project
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7
Q

Types of Estimates

A
  1. Approximate Estimates
  2. Detailed Estimates
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8
Q

Cost of various work item, such that cost per cubic meter of foundations, cost per kilogram of structural steel and cost per square meter of a finished room

A

Approximate Estimates

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9
Q

A comprehensive and well-defined organization of work items is essential to the preparation of an estimate for any project.

A

Organization of Estimates

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10
Q

Cost of project is prepared by determining the cost of materials, labor, equipment, subcontract work, overhead, and profit. Are generally prepared by contractors from a complete set of contract documents prior to submission of the bid or formal proposal to the owner

A

Detailed Estimates

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11
Q

Two basic approaches in Organizing Work for Estimating

A
  1. Construction Specification Institute (CSI)
  2. Work Breakdown Structure (WBS)
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12
Q

This approach is to identify work by the categories contained in the project’s written specifications

A

Construction Specification Institute
(CSI)

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13
Q

Approach is to identify work items by their location on the project

A

Work Breakdown Structure (WBS)

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14
Q

First step in preparing the cost estimates. Involves all materials in the project plus earth excavation and fill

A

Quantity Takeoff

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15
Q

Normally prepared for the purpose of submitting a bid for projects with a complete set of plans and specifications that have been prepared to construction

A

Lump-Sum Estimates

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16
Q

Cost per unit includes the furnishing of materials, labor, equipment, supervision, insurance, taxes, profit, and bonds for completely installing a unit

A

Unit-price basis

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17
Q

Usually done when the owner wants to start construction at the earliest possible date in order to benefit by an early completion and use of project.

A

Negotiated work

18
Q

Documents that contain all the drawings and written specifications required for preparation of complete estimate and are used throughout the construction process.

A

Contract Documents

19
Q

Unique to each project for their use in evaluating and comparing contractor’s bid

A

Owner’s bid form

20
Q

Chargeable to a project involve many items other than materials, labor, and equipment

A

Indirect (Overhead) cost

21
Q

Includes cost which can be charged specifically for a project.

A

Job Overhead

22
Q

Share of the cost incurred at the general office of the company

A

General Overhead

23
Q

It ranges from 3 to 6 percent of the total direct cost

A

Material Taxes

24
Q

Include 7.50 percent of the government and 3 percent unemployment tax.

A

Labor Taxes

25
Q

Umbrella term for various policies offering protection to everyone with a financial interest in a building project, from contractors to property owners. Comparable to health insurance, has a purpose with set conditions.

A

Construction insurance

26
Q

Also known as “course of construction insurance, it covers buildings under construction. Coverage kicks in when any of these circumstance happen, such as hail, theft, vandalism, hurricanes, lightning, etc.

A

Builder’s risk insurance

27
Q

Its an all-encompassing liability policy for contractors and subcontractors

A

Wrap insurance

28
Q

Known as “ contractor general liability or commercial general liability insurance”. Protects you and your business if someone files a claim due to body injuries or property damage

A

General liability Insurance

29
Q

Protects business from lawsuits and financial disadvantages

A

Commercial auto insurance

30
Q

Shelters business from alleged claims regarding a mistake in providing the service.

A

Errors and Omissions Insurance

31
Q

Manages risks if employees get injured or ill at work.

A

Workers compensation insurance

32
Q

Lets you sidestep the negative consequences if sa subcontractor fails to do their part .

A

Subcontractor Default insurance

33
Q

Is a form of protection for the owner against non-payment, lack of performance, company default, and warranty issues. Known as contract bonds

A

Construction bond

34
Q

Three main parties to a bond

A
  1. Principal
  2. Surety company
  3. Obligee
35
Q

Person or company purchasing the bond. Usually the general contractor or a subcontractor

A

Principal

36
Q

Party responsible for arranging the completion of the contract if the contractor fails to perform

A

Surety company

37
Q

Party protected by the bonds. Usually property owner, public agency, or other party requiring the bond

A

Obligee

38
Q

Types of construction bonds

A
  1. Performance bond
  2. Payment bond
  3. Bid bond
39
Q

Guarantees that a contractor will perform the work according to the conditions and requirement. Protects the owner from financial loss as a result of a contractor default.

A

Performance bond

40
Q

Protects the owner from liens against the property by guaranteeing that the policyholder will pay all subcontractors and suppliers for work and materials. Required most on public projects, but frequently used on commercial jobs

A

Payment bond

41
Q

Reassurance to a project owner that a contractor will follow through with their commitment. Assures the project owner that the principal has the capability to complete the job as bid

A

Bid Bonds

Construction Cost (1 decks)

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