Lecture 4: Construction Contracts

<p>They adjust the initially negotiated fee based on total allowable costs. (D)</p> Signup and view all the answers

<p>They release the owner from responsibilities during planning and construction. (A)</p> Signup and view all the answers

<p>Finishing the project below budget and ahead of schedule. (C)</p> Signup and view all the answers

<p>Incentive Contracts (D)</p> Signup and view all the answers

<p>Cost savings are shared between the owner and the contractor. (A)</p> Signup and view all the answers

<p>Contractors retain all or a portion of the revenues earned during the concession. (B)</p> Signup and view all the answers

<p>Requirements for custom designs (C)</p> Signup and view all the answers

<p>General Conditions of the Contract and bonds (C)</p> Signup and view all the answers

<p>Introductory information (C)</p> Signup and view all the answers

<p>General rules and directions for project execution (D)</p> Signup and view all the answers

<p>When the CM acts as the owner's agent (C)</p> Signup and view all the answers

<p>Division 01 (A)</p> Signup and view all the answers

<p>Supplementary contract terms (D)</p> Signup and view all the answers

<p>It is suitable when the scope and schedule are well defined. (D)</p> Signup and view all the answers

<p>Detailed architectural plans (D)</p> Signup and view all the answers

<p>Government Procurement Policy Board (GPPB) (B)</p> Signup and view all the answers

<p>It follows the Construction Industry Authority-CIAP document 102. (D)</p> Signup and view all the answers

<p>A statement about contingencies (D)</p> Signup and view all the answers

<p>Lump-Sum or Stipulated Contract (B)</p> Signup and view all the answers

<p>Construction Industry Authority-CIAP (D)</p> Signup and view all the answers

<p>The firm expresses intent to participate in the bidding process. (D)</p> Signup and view all the answers

A contract where the final price depends on the actual quantities of items, but the unit prices are fixed.

A contract where the owner pays for all costs (labor, materials) plus a contractor's fee (often a percentage).

A cost-plus contract with a set fee for contractor overhead and profit.

Cost-plus contract with a maximum price limit. The contractor's fee is still based on costs, but not exceed the set price.

A contract type where compensation depends on fulfilling predetermined targets, like budget, schedule, and quality.

Incentive contract where the base price is fixed but may be adjusted based on performance.

A contract where the contractor is responsible for the entire project, from planning to completion.

A contract where a contractor builds and operates a facility under a pre-agreed structure.

A project delivery method where the contractor is responsible for all aspects of the project, from design to construction to completion, with the client taking ownership once the project is finished.

A contract where a specialized company acts as the owner's agent to oversee and manage contractors during the projects' execution.

The key elements required to successfully execute and document a construction project (introduction, bidding, contracting, specifications, drawings, etc.).

The instructions and forms used to solicit bids from potential contractors for a construction project, ensuring fairness and transparency.

The core stipulations within a construction contract, including the agreement, general conditions, supplementary details, and related documents.

Detailed instructions and requirements for the project's design, materials, and construction procedures, ensuring the project meets the intended quality.

Technical illustrations (plans, elevations, sections) of the project, specifying physical aspects of the structure.

A preliminary agreement outlining the scope of work, cost, and key terms for a potential project. It signals the intention to proceed with a project but doesn't bind either party legally.

A Letter of Intent often includes a defined scope of work, a lump-sum or cost-plus pricing, payment terms, a start date, contingency plans, and details on project continuation.

Government projects in the Philippines typically adhere to the guidelines set by the Government Procurement Policy Board (GPPB).

Private construction contracts in the Philippines often refer to sources like the CIAP document 102, AIA, and AGCA.

A fixed-price contract where the total project cost is agreed upon upfront, regardless of actual costs incurred.

Lump-sum contracts are suitable when the scope and schedule of a project are well-defined and understood.

Several construction contract types exist, with the most common being the Lump-Sum Contract.

For both government and private projects, various organizations and agencies provide guidelines and standard contracts for construction.