1 What are the three major types of construction bonds Why a

1: What are the three major types of construction bonds? Why are they required? Name three items that affect bonding capacity. 2: In what major section of the contract is the time duration of the project normally specified? 3: Who are the three basic parties involved in any construction bonding arrangement? 4: What type of bond guarantees that if a contractor goes bankrupt on a project the surety will pay the necessary amount to complete the job? 5: What is the purpose of the following documents in a construction contract? a. General conditions b. Special conditions c. Addenda d. Technical specifications 6: Why is the contractor normally required to submit a bid bond when making a proposal to an owner on a competitively bid contract? 7: What is the Miller Act and what does it specify regarding government contracts? 8: What is the purpose of the notice to bidders? 9: List the various specialty groups that are normally involved in the design of a high-rise building project 10: How much money is the contractor investing in an advertised project available for bid at the time of: a. Going to the A/E\'s office or checking the web to look at the plans and specifications? b. Deciding to acquire a set of the drawings for further consideration? c. Deciding to make initial quantity take-off? d. Full preparation of bid for submittal 11: What are the major parameters to be considered in the prequalification assessment of a contractor? Investigate the local criteria used in the prequalification of both small housing and general contractors 12: Obtain sample specification clauses relating to the quality of finish of an item such as face brick, exterior concrete, or paint surfaces. Who has the major responsibility for the definition. achievement in the field, and paid acceptance 13: Read those clauses of the general conditions of the contract for construction that refer to the owner, architect, contractor, and subcontractor. Then list the major responsibilities of these participants with respect to the following a. The definition, or attention to, the scope of the project b. The financial transactions on the proj c. The finished quality of the work 14: Look up the percentage of the total cost of a building that RS Meams Building Construction Costs™ (a compendium of cost data, discussed in Chapter 8) estimates for its architectural design. $100.000 for the architectural design ofa new building. However, after the the architect decide to stop the design process. Why? Ask an experienced n architeet asks preliminary design is completed, the owner and How much of the $100.000 would it be fair to pay to the architect? contractor to commen your answer t on your answer. Do not consider any legal aspects that would complicate 6: Visit the Dodge Data & Analyticst website (http://construction.com/dodge) and find the three largest projects currently being bid in your state in the cat egories and compare them with other standard con Committee (EJCDC) published by the National Society of Prof 17: Obtain copies of the American Institute of Architects (AIA) standard contract documents tracts (c.g. Engineers Joint Contract Documents fessional Engineers www.nspe.org). What difference would you expect to find? Discuss at least three of the topics

Solution

(1) Answer:- Three major types of construction bonds:-

(i) Bid bond

(ii) Performance bond

(iii) Payment bond

Factors affecting construction bond:-

(i) States of cost

(ii) Payments

(iii) disputes associated with uncompleted work

(2) Answer:- In supplementary condition

(3) Answer:-

     (i) owner

    (ii) Contractor

    (iii) surety

(4) Answer:- The performance bond

(5) Answer:-

(a) General condition:- All the stipulations regarding how a contract is to be administered and the relationships between the parties involved .

(b) Special condition:- To specify those aspects of the contractual relationships that are peculiar or unique to a given project .

(c) Addenda :- To incorporate in a bid package changes in detail additions corrections and contract conditions that arise before bids are opened and that are also basis for bidding.

(d) Technical specifications:- To provide a written description of the technical requirements of the work to be performed.

(8) Answer:- the notice to bidders is a solicitation on behalf of the client asking contractors to consider the project advertised for possible bid. It provides information regarding the procedure for submitting a bid for consideration and typically gives information as to where and how the plans and specification are available for review.

(9) Answer:-

(i) Architectural

(ii) Civil and structural

(iii) Mechanical

(iv) Electrical