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 and extends through to the date of Substantial Performance of the Work?

  • Validation Phase
  • Design Phase
  • Final Phase
  • Construction Phase (correct)
  • What is the Base Target Cost?

  • The cost of the Construction Documents
  • The cost of the Contract Amendment
  • The cost of the Design Services and the Work (correct)
  • The cost of the Base Program
  • What are Construction Documents?

  • Drawings and specifications (correct)
  • Documents describing the Base Program
  • Documents prepared by the PMT
  • Digital models
  • According to the text, what are the Contract Documents?

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

    Who is considered the Contractor in the Agreement?

    <p>The person or entity identified as such in the Agreement</p> Signup and view all the answers

    What is the Design/Procurement Phase?

    <p>The phase of the Project that starts after the Validation Report is accepted by the Owner</p> Signup and view all the answers

    What is the Estimated Final Target Cost?

    <p>The final target cost developed by the PMT during the Design/Procurement Phase</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 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 the purpose of the Validation Phase?

    <p>To commence the Project and extend through the acceptance of the Validation Report by the Owner</p> Signup and view all the answers

    What does the Risk Pool consist of?

    <p>The sum of the profits of each member of the Design/Construction Team</p> Signup and view all the answers

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