Podcast
Questions and Answers
What was the reason the contractor had to seek relief in court?
What was the reason the contractor had to seek relief in court?
- To speed up the construction process
- Because the engineering firm refused to pay for the delay costs (correct)
- To avoid paying the costs of the delay
- To make the construction project more expensive
What principle suggests that if a risk is imposed upon a party, an opportunity for reward should exist for properly dealing with the risk?
What principle suggests that if a risk is imposed upon a party, an opportunity for reward should exist for properly dealing with the risk?
- Principle of cost reduction
- Principle of risk allocation (correct)
- Principle of reward allocation
- Principle of risk avoidance
To whom should the risk be allocated if they are in the best position to control it?
To whom should the risk be allocated if they are in the best position to control it?
- The contractor
- The court system
- The owner (correct)
- The engineering firm
What is one of the guidelines suggested for producing construction at the lowest possible cost?
What is one of the guidelines suggested for producing construction at the lowest possible cost?
What should be done when it's not apparent how a given risk should be allocated according to the text?
What should be done when it's not apparent how a given risk should be allocated according to the text?
What department typically prepares the contract forms offered to bidders?
What department typically prepares the contract forms offered to bidders?
In traditional construction contracting practice, how were risks typically allocated by owners to contractors?
In traditional construction contracting practice, how were risks typically allocated by owners to contractors?
What was a consequence of contractors adding high contingencies to their bids due to risk allocation?
What was a consequence of contractors adding high contingencies to their bids due to risk allocation?
Which aspect of construction risks is typically reserved to the contractor?
Which aspect of construction risks is typically reserved to the contractor?
Why did construction law become a profitable field for lawyers according to the text?
Why did construction law become a profitable field for lawyers according to the text?
