px | week 04 review

Question 1

what is the project cost?

Answer 1

the estimated total cost to the owner of all project components, including:
- designed components
- labour
- materials, furniture, and equipment
- allowance for contractor overhead + profit

Question 2

what is a fixed fee?

Answer 2

a fixed sum of money the client will pay the designer for a specific set of services.

Question 3

what is an area fee?

Answer 3

a fee determined by multiplying the square footage by a fixed rate.

Question 4

what the retail method of fee collection?

Answer 4

a designer acts as a reseller of goods, buying ff+e at a trade discount then selling to the client at a resale price.

Question 5

what are the two ways of notifying a prospective bidder?

Answer 5

1. an advertisement for bids
2. invitation to bid

Question 6

what is an addendum?

Answer 6

a written or graphic document issued by the designer before execution of the contract that modifies or interprets the bidding documents by additions, deletions, clarification, or corrections.

Question 7

what are the four options for an owner if all bids exceed the project budget?

Answer 7

1. rebid the project
2. authorize an increase in the construction cost
3. work with a designer to revise the scope of the project to reduce costs
4. abandon the project

Question 8

what is a performance bond?

Answer 8

a statement by a surety company that obligates the surety company to complete construction of the project should the contractor default on their obligations.

Question 9

the performance bond is what percentage of the construction cost?

Answer 9

~ 3%, paid to the owner

Question 10

what is the term for a request to a contractor to supply a price for some variation to the base bid?

Answer 10

an alternate

Question 11

what are the two types of alternates?

Answer 11

1. add-alternate - adds to base bid
2. deduct-alternate - reduction of the base bid