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?

    <p>The Project schedule determined by the PMT that projects milestones for the Design Services and the Work</p> Signup and view all the answers

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

    <p>The total cost of the Design Services and the Work, including all Reimbursable Costs and appropriate contingencies and allowances.</p> Signup and view all the answers

    What are Construction Documents?

    <p>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.</p> Signup and view all the answers

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

    <p>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.</p> Signup and view all the answers

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

    <p>Project Management Team (PMT)</p> Signup and view all the answers

    What are the components of Project Objectives?

    <p>Funding requirements, Base Program, Added Value Incentives Items selected by the Owner</p> Signup and view all the answers

    What is the definition of Substantial Performance of the Work?

    <p>When the Work is ready for use or is being used for the purpose intended and is certified by the PMT</p> Signup and view all the answers

    What is Target Value Design?

    <p>A process that includes Project values, cost, schedule, and constructability as the basic components of the design criteria</p> Signup and view all the answers

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