Contract Terminology Quiz

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Questions and Answers

Which of the following is NOT included in the Contract Documents?

Schedule D - CONTRACT TASKS MATRIX
Validation Report (correct)
Design Services
Amendments agreed upon between the parties

What is the Design/Procurement Phase?

The phase when the Design Services are completed
The phase when the Owner accepts the Validation Report (correct)
The phase when the Contractor is identified in the Agreement
The phase when the Project is implemented

What is the Estimated Final Cost?

The sum of all Reimbursable Costs incurred through to the end of the Warranty Phase
The final target cost developed by the PMT during the Design/Procurement Phase
The sum of Reimbursable Costs incurred and estimated Reimbursable Costs to complete the Design Services and the Work (correct)
The target cost of the Design Services and the Work, developed or confirmed by the PMT

What is the Milestone Schedule?

The Project schedule determined by the PMT that projects milestones for the Design Services and the Work (C) Signup and view all the answers

Which one of the following best describes the Base Target Cost?

The total cost of the Design Services and the Work, including all Reimbursable Costs and appropriate contingencies and allowances. (A) Signup and view all the answers

What are Construction Documents?

Digital models, drawings, specifications, and other documents prepared by the Design/Construction Team and approved by the PMT to describe the whole or any part of the Work. (D) Signup and view all the answers

When does the Construction Phase of the Project start and end?

The Construction Phase starts upon the issuance of the notice to proceed by the PMT and ends on the date of Substantial Performance of the Work. (B) Signup and view all the answers

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

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

What are the components of Project Objectives?

Funding requirements, Base Program, Added Value Incentives Items selected by the Owner (C) Signup and view all the answers

What is the definition of Substantial Performance of the Work?

When the Work is ready for use or is being used for the purpose intended and is certified by the PMT (A) Signup and view all the answers

What is Target Value Design?

A process that includes Project values, cost, schedule, and constructability as the basic components of the design criteria (C) Signup and view all the answers

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