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Contract Terminology Quiz

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Questions and Answers

Which phase of the Project commences upon the issuance of the notice to proceed by the PMT?

Validation Phase

Construction Phase (correct)

Finalization Phase

Design Phase

What is the Base Target Cost?

The cost of the Finalization Phase

The cost of the Construction Phase

The cost of the Validation Phase

The target cost of the Design Services and the Work (correct)

What are the Construction Documents?

Drawings and specifications only

Digital models only

Documents that describe the whole or any part of the Work (correct)

Documents that describe the Base Program

According to the text, what is the Contract Documents?

The documents listed in Article A-3 of the Agreement Signup and view all the answers

According to the text, who is considered the Contractor?

The person or entity identified as such in the Agreement Signup and view all the answers

According to the text, what is the Design/Procurement Phase?

The phase of the Project commencing immediately upon acceptance of the Validation Report by the Owner Signup and view all the answers

According to the text, what is the Estimated Final Cost?

The sum of Reimbursable Costs incurred and the estimated Reimbursable Costs required to complete the Design Services and the Work Signup and view all the answers

Which team is responsible for providing management-level guidance for collaborative planning, design, and construction of the project to achieve the project objectives?

Project Management Team (PMT) Signup and view all the answers

What is the process that includes project values, cost, schedule, and constructability as the basic components of the design criteria and uses cost targets to drive innovation in design to provide best value to the Owner within the base target cost, final target cost, and milestone schedule?

Target Value Design Signup and view all the answers

What is the sum of the profits of each member of the Design/Construction Team, as set out in the agreement?

Risk Pool Signup and view all the answers

When is the Warranty Phase of the project?

The phase of the project commencing on the date of Substantial Performance of the Work and expiring one year thereafter, unless otherwise specified in the Contract Signup and view all the answers