Contracts and Specifications Test 2 Midterm Exam 1 Answered

Contracts and Specifications Test 2- Midterm Exam (1) Answered some questions/No examples (0) Incomplete/Description did not match answer 66) Briefly describe and give an example what the term \"Fast-Track\" means for Design-Construct Services and how it affects schedule. 67) Briefly describe the use of Drawings and how they compliment the Specifications. elivery for 68) Describe the importance for Pricing and Basis of Quantity Measurement and D Purchase Orders. 69) Why would an Owner require a Performance Bond? Who guarantees the Bond? 70) According to AIA Document A111, Standard Form of Agreement Between Owner and Contractor, where the Basis of Payment is the Cost of Work Plus a Fee, why are the \"Costs Not to be Reimbursed\" in Article 8, not considered part of the Cost of the Work? Where does the Contractor include those costs? Technical Specification Questions (All questions 1 point each, 18 points total) Division 01- General Requirements (True or False) 71)_An Alternate is a description of Work that can either be added or subtracted from the Project by the Owner after Bids have been received. Page 6

Solution

(66) Answer:- Fast track construction is done for reducing time. Fast-track building construction is a project delivery strategy. In it construction is started before the design is complete. The purpose is to shorten the time to completion.

Example:- where there is a fixed deadline, where the client\'s cash flow is reliant on income generated by the completed project.

(67) Answer:- Drawing is very useful in construction.by the help of it we can construct building very easily. We can estimate cost of construction of project by help of drawing. Drawing uses line , words, symbols, abbreviations and specification to indicate to the construction team what the building will look like and the purpose use thereof.

(68) Answer:- Pricing and quantity measurement are very important in purchase order.   A purchase order is a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services. It is used to control the purchasing of products and services from external suppliers.

(69) Answer:- Performance bond is very necessary for owner. By the help of performance bond owner can evaluate work of contractor. A written guaranty from a third party guarantor ( a bank or an insurance company) submitted to a client by a contractor on winning the bid. A performance bond ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract.

Bank or insurance company gives guaranty on performance bond.